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You want to save money for your retirement. You plan to retire in 3 5 years. a ) If you deposit $ 2 , 0
You want to save money for your retirement. You plan to retire in years.
a If you deposit $ at the end of every month for the next years into a retirement account that provides percent annual return compounded monthly, how much money will you have in the account in years? Assume that the first deposit occurs at the end of the first month and all deposits occur at the end of the month.
b One month after making you last $ deposit, you will make an equal withdrawal from the account monthly for the next years. Assume that you earn percent annual return compounded monthly during this period, how much can you withdraw each month so that the balance in the account is zero when you make the last withdrawal?
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