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Mr. Moore is 35 years old today and is beginning to plan for his retirement. He wants to set aside an equal amount at the end of each of the next 25 years so that he can retire at age 60. He expects to live to the maximum age of 80 and wants to be able to withdraw $25,000 per year from the account on his 61st through 80th birthdays (20 withdrawals). The account is expected is expected to earn 10 percent per year for the entire period of time. Determine the size of the annual deposits that must be made by Mr. Moore.

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Category:- Basic Finance
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