Karen is planning for her retirement and is setting up a payout annuity with her...
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Karen is planning for her retirement and is setting up a payout annuity with her bank. For 25 years she wishes to receive annual payouts that start at $60000 and then receive an annual cola of 3.6%. Assume her account pays 10% APR. a) How much money must she have in the account when she retires? $ 728017.36 b) What is her first annual payout? $ 60000 c) What is her second annual payout? $ 62160 O d) What is her last annual payout? $ 145259.70
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