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You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you have $67,160 accumulated in your retirement plan and plan

You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you have $67,160 accumulated in your retirement plan and plan to continue adding money each month to your retirement plan for exactly 25 years, starting one month from now. When you retire you will receive a $50,000 retirement bonus from your employer and will immediately deposit the money into your retirement plan. You will then use the accumulated funds to purchase an annuity that will pay you $6,000 per month for 10 years, with the first withdrawal starting one month after your 65th birthday. Assume the retirement plan and the annuity both earn 6% compounded monthly. (a) Draw a detailed well-labelled time diagram. (b) How much must you deposit each month into your retirement plan? (c) How much interest will you earn over the ENTIRE 35 years

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