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April 20, 2014

Homework Help: BUSINESS FINANCE

Posted by Ashley on Monday, March 22, 2010 at 4:10pm.

John Smith wants $80,000 per year in his retirement. He plans to be in retirement for 30 years. He has 25 years to work. Assume an interest rate of 7% for the next 55 years. How much does he need to deposit at the end each year while he is working in order to have saved enough for retirement?

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