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(Solved) 2. Mrs. Reznik, who 27years old, plans to retire at the age of 55.She is expecting a lumpsum amount (an inheritance) of $75,000 when she is 40. This...


2. Mrs. Reznik, who 27years old, plans to retire at the age of 55.She is expecting a lumpsum amount (an inheritance) of $75,000 when she is 40. This lumpsum amount will be invested at 8% per year. a. Mrs. Reznik would like to be able to withdraw $120,000 per year from her retirement account for 45 years after retirement beginning a year after her retirement. How much does she need to have in her retirement account by retirement date if the interest rate is 7% per year during the post-retirement years?
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