Planning to retire in twenty years

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Sam Musso is planning to retire in 20 years. He can deposit money at 8% compounded quarterly. What deposit must he make at the end of each quarter until he retires so that he can make a withdrawal of $45,000 semiannually over five years after his retirement? Assume that his first withdrawal occurs at the end of six months after his retirement.

Reference no: EM13852505

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