How much must be in the account at the time they retire

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Reference no: EM131926720

An individual wants to establish an annuity for retirement purposes. They want to make quarterly deposits for 20 years so that they can then make quarterly withdrawals of $5,000 for 10 years.

The annuity earns 12% interest (APR) compounded quarterly.

How much must be in the account at the time they retire?

How much should be deposited each quarter for 20 years in order to accumulate the required amount?

Reference no: EM131926720

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