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April 18, 2014

Homework Help: Business math

Posted by Roseanne on Sunday, October 21, 2012 at 1:39pm.

Meg's pension plan is an annuity with a guaranteed return of 3% per year (compounded quarterly). She would like to retire with a pension of $50,000 per quarter for 10 years. If she works 22 years before retiring, how much money must she and her employer deposit each quarter? HINT [See Example 5.] (Round your answer to the nearest cent.)

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