How much does alex have in the bank today

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Reference no: EM13202112

Alex is retiring today and he knows he will be able to withdraw $25,000 at the end of each year beginning one year from now. He also knows that this money will last him until his social security kicks in in 10 years. The interest rate is 5.25%. Earnings will compound daily. How much does Alex have in the bank today that allows him to pull $25,000 out for 10 years.

Reference no: EM13202112

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