How much money needs to be in the account by the time

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Suppose you plan to retire at age 70, and you want to be able to withdraw amount of $63,000 pet year on each birthday from age 70 to age 100(a total of 31 withdrawals) If the account which contains your savings earns 5.2% per year simple interest. how much money needs to be in the account by the time you reach your 70th birthday? (Answer to the nearest dollar.)

Reference no: EM131607871

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