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| Teaching Since: | May 2017 |
| Last Sign in: | 399 Weeks Ago, 1 Day Ago |
| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
5.14Â Â Â Cheryl and Gunther wish to place into a retirement fund an equal amount each year for 20 consecutive years to accumulate just enough to withdraw
$24,000 per year starting exactly one year after the last deposit is made. The fund has a reliable re- turn of 8% per year. Determine the annual deposit for two withdrawal plans: (a) forever (years 21 to infinity); (b) 30 years (years 21 through  50).
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(c)  How much less per year is needed when the withdrawal horizon decreases from infinity  to 30 years?
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