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You are 2 0 years old today. When you turn 6 2 , you want to retire. Starting on your 6 2 nd birthday you
You are years old today. When you turn you want to retire. Starting on your nd birthday you want to receive funds from a growing annuity; the first payment would be $ and grow at a rate of per year for a total of payments including the first one Your plan is to start saving for this plan on your th birthday; your first deposit would be $ and would stay constant for a total of deposits. On your th birthday, you calculate the amount of your compounded savings have and need to determine whether you have enough saving or not. On that th birthday, how much are you over funded and can take money out and still have enough in the account to fund your planned annuity! Assume a discount rate or rate of return of for all periods.
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