What annual amount will lisa need to invest in bank account

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Reference no: EM131505712

Question: Lisa plans to retire on her 61st birthday. On her 22nd birthday, Lisa will start saving $A per year for 40 years. Starting on her 62nd birthday, Lisa plans on withdrawing $10,000 and will continue these annual withdrawals until the account is exhausted on her 85th birthday. If Lisa's bank account pays 3% per year, what annual amount of $A will Lisa need to invest in her bank account to achieve her retirement goal?

Reference no: EM131505712

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