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You have just turned 3 1 3 1 years old, have just received your MBA, and have accepted your first job. Now you must decide
You have just turned
years old, have just received your MBA, and have accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earns
per year. You cannot make withdrawals until you retire on your
th
birthday. After that point, you can make withdrawals as you see fit. You decide that you will plan to live to
and work until you turn
You estimate that to live comfortably in retirement, you will need
$ comma
per year starting at the end of the first year of retirement and ending on your
th
birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute each year to fund your retirement?
Question content area bottom
Part
Find the amount that you will need in
years. Round to the nearest cent.
The amount that you will need in
years is
$
Part
Find the amount of the annual contribution. Round to the nearest cent.
To fund your retirement, your annual contribution must be
$enter your response here.
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