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How much money should he deposited on his birthday

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Question - Macon would like to begin planning for retirement. He has as of his 60th birthday collected $225,000 which he plans to deposit in a bank account earning 6% per year compounded yearly. Macon is also willing to begin saving an amount on his 61st birthday, and increase that amount by 7% every year. He would like to avail $74,000 on his 70th birthday and keep getting an amount greater than that by 12.5% every year till his 75th birthday. How much money should he deposited on his 61st birthday?

Reference no: EM133097143

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