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If your father has the desire to retire in 17 years, how much money will he need to invest each year to meet his goal of having $700,000 at retirement if he is able to receive a 9.0% annual interest rate? Assume the first annual deposit is made in one year. ($18,932/yr)
The answer is in parenthesis.
How do you solve this algebraically?
You are trying to decide how much money you will need at retirement. How much will you need at retirement to fund these planned withdrawals?
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