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You are turning 2 2 years old today. You intend to retire at age 6 0 and you want to be able to receive a

You are turning 22 years old today. You intend to retire at age 60 and you want to be able to receive a 30-year, $250,000 beginning-of-year annuity with the first payment to be received on your sixtieth birthday. You would like to save enough money over the next 28 years to achieve your objective; that is, you want to accumulate the necessary funds by your fiftieth birthday. If you expect your investments to earn 8 percent per year, what equal annual deposit must you make at the end of each of the next 28 years? You should be able to write one formula that references the assumptions rather than building a timeline in Excel, i.e., you should not have more than one cell with the same dollar amount in it.
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