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Today is your neighbor's 30th birthday. She opens a new investment account assumed to earn 10% per year. She wishes to make equal, annual deposits
Today is your neighbor's 30th birthday. She opens a new investment account assumed to earn 10% per year. She wishes to make equal, annual deposits starting today and ending on her 60th birthday such that on her 61 st birthday she can withdraw $100,000 and can continue to do so on each birthday until a final $100,000 withdrawal (which will deplete the account) on her 95th birthday. What is the annual deposit she needs to make? Please round your answer to the nearest penny and note that "None of the other choices are correct" would not be the right choice if you were choosing it due to your answer merely differing by less than a dollar or two from one of the given numerical choices. $5,300.64 b. $6,066.85 O c $4,833.29 O d. $5,862.92 e. None of the other choices are correct
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