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How much friend needs to have in bank account today

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Reference no: EM132616837

Problem 1: According to your financial plan for him, he needs $1,600 monthly until death. Assuming life expectancy of 20 years and interest rate 6%, how much your friend needs to have in his bank account today? Keep your answer to four decimal places.

a. $226,229.00

b. $169,049.97

c. $226,228.00

d. $226,227.00

e. $226,225.00

Reference no: EM132616837

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