Compute a final numerical answer for each of the following problems. You should work out your solutions on loose leaf paper, however, I may or may not collect your worked out solutions. To be safe, however, I suggest that you write out a solution for every problem and be ready to turn it in if asked. For any problems that require multiple steps, be sure to carry all intermediate step calculations to at least four (4) decimal places to ensure that your final numerical answer is as precise as possible.
When recording your final numerical answers on iCollege, round all dollar answers to 2 decimal places, round time (years or months) answers to one (1) decimal place and record interest rates as percent values rounded to one (1) decimal place. However, be sure to input a dollar sign, commas, or percent sign on iCollege. For example, record $3,284.33965 as 3284.34, record 37.285432 years as 37.3 and record .064358 = 6.4358% as 6.4.
29.
Samus Aranwishes to save money to provide for her retirement.Beginning one year from now, Samus Aran will begin depositing the same fixed amount each year for the next 30 years into a retirement savings account.Starting one year after making her final deposit, she will withdraw $100,000 annually for each of the following 25 years (i.e. she will make 25 withdrawals in all).Assume that the retirement fund earns 12% annually over both the period that she is depositing money and the period she makes withdrawals. In order for Samus Aranto have sufficient funds in her account to fund her retirement, how much should she deposit annually (rounded to the nearest dollar)?