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To your age as a round number add four more years. At the end of the month following your birthday in that year you start adding $375 to a retirement plan that earns 6.24% APR. You will do so at the end of each month until you turn 65.

a. How much will you have accumulated when you turn 65?

b. If your life expectancy is 90 years, how much can you withdraw at the end of each month if you can earn 3.84% APR during retirement?

c. By what amount does this monthly withdrawal amount exceed $375?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92258673

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