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You are 31 years old, and decide to save $5,000 each year (with the first deposit one year from now), in an account paying 7% interest per year. You will make your last deposit 34 years from now when you retire at age 65. During retirement, you plan to withdraw unds from the account at the end of the year (first withdrawal a age 66). What constant amount will support you in retirement if you live to age 88, earning 4% pa.?

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Financial Management, Finance

Category:- Financial Management
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