Jamal Doran wishes to have $800,000 in a retirement fund 20 years from now. He...
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Jamal Doran wishes to have $800,000 in a retirement fund 20 years from now. He can create the retirement fund by making a single lump-sum deposit today. 1. If upon retirement in 20 years, Jamal plans to invest $800,000 in a fund that earns 4 percent, what is the maximum annual withdrawal he can make over the following 15 years? 2. How much would Jamal need to have on deposit at retirement in order to withdraw $35,000 annually over the 15 years if the retirement fund earns 4 percent
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