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30 November, 10:18

A man is planning to retire in 25 years. He wishes to deposit a regular amount every three months until he retires, so that, beginning one year following his retirement, he will receive annual payments of $80,000 for the next 15 years. How much must he deposit if the interest rate is 6% compounded quarterly?

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  1. 30 November, 11:05
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    He would probably need to deposit 35k

    Explanation:

    He would need to deposit 35k cause the other 45k would be used to buy stuff like food clothes etc. And thats the recommended amount to deposit
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