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Your friend, Eddy, plans to retire in exactly 20 years time and expects to live for 12 years after retirement. To do this, Eddy plans
Your friend, Eddy, plans to retire in exactly 20 years time and expects to live for 12 years after retirement. To do this, Eddy plans to save $15,000 every year for the next 20 years and put this money into a term deposit account starting at the beginning of the savings period and which pays 4% p.a. (compounded annually). REQUIRED: How much money will Eddy have in the account when he retires in 20 years' time?
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