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Today is your 2 5 th birthday, and you decide to save $ 3 2 , 0 0 0 each year ( with the first

Today is your 25th birthday, and you decide to save $32,000 each year (with the first deposit one year from now), in an account paying 7% p.a., compounded annually. You will make your last deposit 40 years from now when you retire at age 65. You have a life expectancy of 90 years. How much money would you be able to withdraw per year after your retirement, if the first withdrawal occurs on your 66th birthday?Today is your 25th birthday, and you decide to save $32,000 each year (with the first deposit one year from now), in an account paying 7% p.a., compounded annually. You will make your last deposit 40 years from now when you retire at age 65. You have a life expectancy of 90 years. How much money would you be able to withdraw per year after your retirement, if the first withdrawal occurs on your 66th birthday?

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