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Question - You are a citizen of a country that has a retirement age of 55 years. You will be celebrating your 25th birthday at the end of March 2021. You want to start saving for your retirement at age 55. You have determined that you would like to withdraw $125,000 from your savings account on each birthday up to age 76. The first withdrawal will take place on your 56th birthday. You intend to invest the money at the Bank of Guyana which offers high investment rates of 7% per year. You want equal annual payments on each birthday into the account established at the Bank for your retirement fund.
1. If you start making deposits on your 26th birthday and continue to make deposits until you are 55 (the last deposit will be on your 55th birthday), what amount must you deposit annually to be able to make the desired withdrawals at retirement?
2. Suppose you just received a large insurance settlement. Rather than making equal annual payments to your retirement fund, you decide to make one lump-sum payment on your 25th birthday to cover your retirement needs. What amount do you have to deposit?
3. Suppose your employer, Toyota Guyana Ltd. will contribute $3,500 to the account every year as part of the company's profit-sharing plan. In addition, you expect a $175,000 distribution from a family trust fund on your 45th birthday which you will also put into the retirement account. What amount must you deposit annually now to be able to make the desired withdrawals at retirement?
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