What is the annual contribution necessary for charlie

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Charlie Stone wants to retire in 30 years and he wants to have an annuity of $50,000 a year for 20 years after retirement. Charlie wants to receive the first annuity payment at the end of the 31st year. Use an interest rate of 12% (Assume the 12% rate applies for the entire period.) What is the annual contribution necessary for Charlie to reach his goal?

Reference no: EM132466304

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