Mr. X has just celebrated his 35th birthday. He plans to retire on his 65th...
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Finance
Mr X has just celebrated his th birthday. He plans to retire on his th birthday.
He has determined that he will need a total of $ at that time to fund his retirement.
a His company offers a k retirement plan that earns compounded monthly.
How much rounded to the nearest dollar should Mr X deposit at the end of each month to achieve his retirement goal?
b Assume that upon reaching age Mr X has attained his goal and has a total of $ in the bank. He now wishes to purchase an annuity that will make monthly payments for years until he reaches age ; at the end of that time, the account will be depleted.
Assuming that he can continue to earn compounded monthly, what monthly payment will he receive?
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