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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 30 today, and she is planning to save $5,000 per year for retirement, with the first deposit made one year from today and the last deposit made on her 65th birthday. She currently has no retirement savings. She will invest in a mutual fund, which she expects to provide a return of 10% per year throughout her lifetime. She plans to retire 35 years from today when she turns 65. She will make a total of 25 annual withdrawalswith her first withdrawal made on her 66th birthday, and the last withdrawal made when she is 90. After the last withdrawal there will be $250,000 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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