Social security and other pension plans

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Reference no: EM131424891

Mr. White is planning to take early retirement. He has decided that he needs dollar 15000 per year to live on, for the first 5 years of his retirement; after that, his Social Security and other pension plans will provide him an adequate retirement income. How much money must he have in the bank for his 5-year early retirement period, if the bank pays (a) 10 percentage. (b) 9 percentage. per year, compounded annually, on the funds?

Reference no: EM131424891

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