The previous one to compensate for inflation

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Reference no: EM131022469

You want to deposit $X in your retirement account today. You plan to retire in 35 years and make your first withdrawal from your account (at time 35) of $100,000; you will make 19 additional annual withdrawals (your last one is at time 54) but each one is 2% larger that the previous one to compensate for inflation. How much is X if your retirement account earns a 5.3% interest rate?

Reference no: EM131022469

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