Pension plan is an annuity with guaranteed return

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Meg's pension plan is an annuity with a guaranteed return of 4% per year (compounded quarterly). She would like to retire with a pension of $40,000 per quarter for 25 years. If she works 37 years before retiring, how much money must she and her employer deposit each quarter? HINT [See Example 5.] (Round your answer to the nearest cent.)

Reference no: EM131092327

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