Mr Burns

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?

 

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