Receive an annual retirement payment

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Reference no: EM13927886

EZ Leifer plans to retire at the age of 65 and believes he will live to be 90. EZ wants to receive an annual retirement payment of $50,000 at the beginning of each year. He sets up a retirement account that is estimated to earn 6 percent annually. How much money must EZ have in the account when he reaches 65 years old?

Reference no: EM13927886

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