You plan to work for 40 years and then retire using a 25-year annuity. You...
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You plan to work for 40 years and then retire using a 25-year annuity. You want to arrange a retirement income of $4500 per month. You have access to an account that pays an APR of 7.2% compounded monthly. What size nest egg do you need to achieve the desired monthly yield? (Round your answer to the nearest cent.)What monthly deposits are required to achieve the desired monthly yield at retirement?
(Round your answer to the nearest cent.)
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