Upon retirement from the trash collection business, you wish to make equal monthly withdrawals of...
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Finance
Upon retirement from the trash collection business, you wish to make equal monthly withdrawals of $5900 for 20 years to fund your lifestyle and pay for security protection. If you plan to save for 25 years and your account earns 2.61% interest compounded monthly, how much should you have in your account at the end of saving for 25 years and what monthly payment is needed to save up this amount? Please use the TMV solver.
The amount that you should have saved at the end of the 25 years to be able to withdraw $5900 each month for the next 20 years is $_______
The monthly deposit required to save this amount is $______
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