Annual deposit must he make to fund retirement account

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Reference no: EM131444270

Springfield mogul Montgomery Burns, age 70, wants to retire at age 100 so he can steal candy from babies full time. Once Mr. Burns retires, he wants to withdraw $1.2 billion at the beginning of each year for 6 years from a special offshore account that will pay 24 percent annually. In order to fund his retirement, Mr. Burns will make 30 equal end-of-the-year deposits in this same special account that will pay 24 percent annually. How much money will Mr. Burns need at age 100, and how large of an annual deposit must he make to fund this retirement account? If the retirement account will pay 24 percent annually, how much money will Mr. Burns need when he retires? $ 0 billion (Round to three decimal places.)

Reference no: EM131444270

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Annual deposit must he make to fund this retirement account : Springfield mogul Montgomery Burns age 90 wants to retire at age 100 so he can steal candy from babies full time Once Mr. Burns retires, he wants to withdraw $1.2 billion at the beginning of each year for 6 years from a special offshore account that ..

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