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You want to be able to withdraw $45,000 from your account each year for 30 years after you retire. You expect to retire in 15 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

You want to be able to withdraw $45,000 from your account each year for 30 years after you retire. You expect to retire in 15 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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You want to be able to withdraw $45,000 from your account each year for 30 years after you retire. You expect to retire in 15 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? $
Transcribed Image Text:You want to be able to withdraw $45,000 from your account each year for 30 years after you retire. You expect to retire in 15 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? $
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