To supplement your retirement, you estimate that you need to accumulate $250,000 exactly 45 years...
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Finance
To supplement your retirement, you estimate that you need to accumulate $250,000 exactly 45 years from today. You plan to make equal, end-of-year deposits into an account paying 11 % annual interest.
a.) How large must the annual deposits be to create the $250,000 fund by the end of 45 years?
b.)If you can afford to deposit only $190 per year into the account, how much will you have accumulated in 45 years?
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