Determine the size of the annual deposits

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Question: Harper is 48 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the end of each of the next 22 years so that she can retire at age 70. She expects to live to the maximum age of 90 and wants to be able to withdraw $270,000 per year from the account on her 71st through 90th birthdays. The account is expected to earn 6.5% per annum for the entire period of time. Determine the size of the annual deposits that must be made by Harper.

Reference no: EM133558147

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