How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 26 years from now? Assume the account earns interest at 14% per year.

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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How much must you deposit each year into your retirement account starting now and continuing through year 12 if you want to be able to withdraw $95,000 per year forever, beginning 26 years from now? Assume the account earns interest at 14% per year.
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