Annual deposit must he make to fund retirement account

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Reference no: EM131597757

Springfield mogul Montgomery Burns, age 85, wants to retire at age 100 in order to steal candy from babies full time. Once Mr. Burns retires, he wants to withdraw $0.9 billion at the beginning of each year for 8 years from a special offshore account that will pay 22 percent annually in order to fund his retirement Mr. Bums will make 15 equal end-of-the-year deposits in this same special account that will pay 22 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?

a. How much money will Mr. Burns need when he retires?

Reference no: EM131597757

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