Linus would like to start saving for his retirement. Starting April 1, 1950, he will make annual deposits into an account, with the last deposit coming on April 1, 1990. Linus assumes he will get pay raises, and plans to increase his deposits by 4.6 percent each year. If he would like to be able to withdraw 49000 dollars per year forever, with the first withdrawal on April 1, 1993, how much will Linus's first deposit need to be? (Assume an interest rate of 3 percent effective throughout.) Answer= dollars.
Linus would like to start saving for his retirement. Starting April 1, 1950, he will make annual deposits into an account, with the last deposit coming on April 1, 1990. Linus assumes he will get pay raises, and plans to increase his deposits by 4.6 percent each year. If he would like to be able to withdraw 49000 dollars per year forever, with the first withdrawal on April 1, 1993, how much will Linus's first deposit need to be? (Assume an interest rate of 3 percent effective throughout.) Answer= dollars.
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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