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How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 28 years from now? Assume the account earns interest at 11% per year. The amount to be deposited is determined to be $ 10095.94

How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 28 years from now? Assume the account earns interest at 11% per year. The amount to be deposited is determined to be $ 10095.94

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 28 years from now? Assume the account earns interest at 11% per year. The amount to be deposited is determined to be $ 10095.94
Transcribed Image Text:How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 28 years from now? Assume the account earns interest at 11% per year. The amount to be deposited is determined to be $ 10095.94
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