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How much do you need to deposit today

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Q1. It is your desire to build your own retirement fund so that 15 years from now you can have an annual income of $144,000 for 20 years. If we assume that the average investment rate for the next 15 years is 8%, how much do you need to deposit today?

Q2. Assume that Don Jaime wishes to retire 30 years from today. Doing a little analysis, he determines that he can live on $50,000 per year. The first withdrawal will occur one year after his retirement. Don Jaime estimates that the interest rate at the bank is 6% per year and he wishes to receive the funds for 25 more years. What amount will allow Don Jaime to meet his retirement plan? If the withdrawals are made at the beginning of the period, how much does the amount change for the retirement plan?

Reference no: EM133034820

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