Your sister turned 25 today, and she is planning to save $20,000 per year for...
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Your sister turned 25 today, and she is planning to save $20,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that is expected to provide a return of 8.5% per year. She plans to retire 35 years from today, when she turns 60, and she expects to live for 30 years after retirement, to age 90. If your sister wants to withdraw an equal amount each year after she retires, how large can that withdrawal per year be? Assume that her first withdrawal will be made at the end of her first retirement year. $389,102.74 O $231,165.03 O $358,620.04 $330,525.38
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