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You plan to retire in 30 years. After that, you need $50,000 per year for 15 years (first withdraw at t=31). At the end of
You plan to retire in 30 years. After that, you need $50,000 per year for 15 years (first withdraw at t=31). At the end of these 15 years, you will enter a retirement home where you will stay for the rest of your life. As soon as you enter the retirement home, you will need to make a single payment of $800,000. You want to start saving in an account that pays you 6% interest p.a. Therefore, beginning from the end of the first year (t-1), you will make equal yearly deposits into this account for 30 years. You expect to receive $250,000 inheritance at t-30 from your late aunt and you will deposit this money to your retirement account. What should be the yearly deposits? O8778.40 12010.58 10115.81 7202.60 9066.36
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