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Your sister turned 3 0 today, and she is planning to save $ 5 , 0 0 0 per year for retirement, with the first
Your sister turned today, and she is planning to save $ per year for retirement, with the first deposit made one year from today and the last deposit made on her th birthday. She currently has no retirement savings. She will invest in a mutual fund, which she expects to provide a return of per year throughout her lifetime. She plans to retire years from today when she turns She will make a total of annual withdrawalswith her first withdrawal made on her th birthday, and the last withdrawal made when she is After the last withdrawal there will be $ left in the account for her heirs. Under these assumptions, how much can she spend each year after she retires? Please show detailed solutions.
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