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Mr Burns wants to retire at age 100. Once he retires he wants to withdraw

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Question;Mr;Burns wants to retire at age 100. Once he retires he wants to withdraw;$1.2 billion at the beginning of each year for 8 years from an offshore;account that will pay 23% annually. In order to fund his retirement, he;will make 25 equal end of year deposits in this same special account;that will pay 23 % annually.a. If the retirement account will pay 23% annually, how much money will he need when he retires?

 

Paper#39146 | Written in 18-Jul-2015

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