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Determine how much marcy need to contribute to retirement

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Marcy Johnson is planning for her golden years. The details of her retirement plans follow:

Time until retirement (in years) 18

Expected life span after retirement (in years) 35

Annual planned withdrawl from retirement fun (at the beginning of the year) $ 75,000.00

Retirement savings already accumulated $ 17,000.00

Expected annual interest rate before retirement 6%

Expected annual interest rate after retirement 7%

Problem 1: How much does Marcy need to contribute to her retirement fund at the end of each year in order to fund her retirement?

Reference no: EM132758490

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