Irene plans to retire on December 31st, 2019. She has been preparing to retire by making annual deposits, starting on December 31st, 1979, of $2100 into an account that pays an effective rate of interest of 8.2%. She has continued this practice every year through December 31st, 2000. Her goal is to have $1.5 million saved up at the time of her retirement. How large should her annual deposits be (from December 31st, 2001 until December 31st, 2019) so that she can reach her goal? Payment = $
Irene plans to retire on December 31st, 2019. She has been preparing to retire by making annual deposits, starting on December 31st, 1979, of $2100 into an account that pays an effective rate of interest of 8.2%. She has continued this practice every year through December 31st, 2000. Her goal is to have $1.5 million saved up at the time of her retirement. How large should her annual deposits be (from December 31st, 2001 until December 31st, 2019) so that she can reach her goal? Payment = $
Chapter3: Income Sources
Section: Chapter Questions
Problem 39P
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am. 114.
Transcribed Image Text:Irene plans to retire on December 31st, 2019. She has been preparing to retire by making annual deposits, starting on
December 31st, 1979, of $2100 into an account that pays an effective rate of interest of 8.2%. She has continued this
practice every year through December 31st, 2000. Her goal is to have $1.5 million saved up at the time of her retirement.
How large should her annual deposits be (from December 31st, 2001 until December 31st, 2019) so that she can reach her
goal?
Payment = $
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