Assume frank makes his payments at the end of each year

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Frank, who has just turned 40, would like to receive annual retirement payments of $55,000 over a 20 year period starting when he is 65 years old. Assume Frank makes his payments at the end of each year. How much does Frank need to save at the end of each year for the next 25 years to achieve his goal if his investment will earn 9% annually?

Reference no: EM131327611

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