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What is the amount of the monthly deposit

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Problem 1: To prepare for her retirement, an investor plans to make a deposit at the end of each month into a retirement fund. She plans to retire 35 years from now, so she will make 420 deposits. After she retires, she wants to withdraw $48,000 from this fund at the end of each year for the next 20 years. If the fund will earn an APR of 6.0% per year with monthly compounding both before and after retirement, how much must she deposit each month up until retirement in order to meet her objective? That is, what is the amount of the monthly deposit, to fund the annual withdrawals?

Reference no: EM132966065

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