After a long successful career, you are hoping to set up a fund for your...
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Finance
After a long successful career, you are hoping to set up a fund for your family to pay out $50,000 per year indefinitely.
a. If current interest rates are 6% how much will you need to deposit today?
b. Suppose, you want to see the payout grow by 4% each to cover any unforeseen costs, by how much does your deposit need to increase to develop the sustaining fund?
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