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What does the value of X need to be

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Question - On your 30th birthday you plan to begin making annual deposits of $X into an investment account that earns an APY of 7%. You will make the last deposit of $X when you turn age 66, and starting one year later you will begin to withdraw annual withdrawals each year of $158,982, making the last withdrawal on your 100th birthday (the account will have no money in it after that last withdrawal). Rounded and expressed to the nearest penny, what does the value of $X need to be?

Reference no: EM133026648

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