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What is the formula to find out how much mary needs

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Your friend, Mary Jones, is celebrating her 30th birthday and wants to start saving for her anticipated retirement. She has the following years to retirement and retirement spending goals, which are as follows:

Years until retirement: 30

Amount to withdraw each year upon retirement: $90,000

Years to withdraw in retirement: 20

Interest rate: 5%

  • Mary is planning to make equal annual deposits into her retirement account, while her first withdrawal will take place one year after her last deposit.

Question 1: What is the formula to find out how much Mary needs when she is ready to retire?

Reference no: EM132496232

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