Mr. Smith is planning his retirement. He has decided that he needs to withdraw $10,000 per year from his bank account to

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Mr. Smith is planning his retirement. He has decided that he needs to withdraw $10,000 per year from his bank account to

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Mr Smith Is Planning His Retirement He Has Decided That He Needs To Withdraw 10 000 Per Year From His Bank Account To 1
Mr Smith Is Planning His Retirement He Has Decided That He Needs To Withdraw 10 000 Per Year From His Bank Account To 1 (22.26 KiB) Viewed 28 times
Mr. Smith is planning his retirement. He has decided that he needs to withdraw $10,000 per year from his bank account to supplement his other income from social security and a private pension plan. How much money should he plan to have in the bank at the start of his retirement, if the bank pays 5% per year, compounded annually, and if he wants money to last for a 20-year retirement period?
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