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This math is done on a BAII Plus Financial Calculator Al Vincent has decided...

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Finance

imageThis math is done on a BAII Plus Financial Calculator

Al Vincent has decided to retire to Arizona in 11 years. What amount should Al invest today so that he will be able to withdraw $28,500 at the end of each year for 16 years after he retires? Assume he can invest the money at 6% interest compounded annually. (Do not round intermediate calculations. Round your answer to the nearest cent.)

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