Macon would like to begin planning for retirement. He has as of his 60th birthday collected $200,000 which he plans to deposit in a bank account earning 8% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 5% every year. He would like to avail $74,000 on his 70th birthday and keep getting an amount greater than that by 15% every year till his 75th birthday. How much money should he deposited on his 61st birthday?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.