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A man is planning to retire in 20 years. He wishes to deposit aregular amount every three months until he retires, so that,beginning one year following his retirement, he will receive annualpayments of $60,000 for the next 15 years. How much must hedeposits if the annual interest rate is 6% compounded quarterly?(Note that the last deposit is made on the date of the end of 20thyear, and first withdrawal is at the end of 21st year.) Draw cashflow diagram.
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