Question Four Caulfield mogul Monty Buxton, age 30, would like to retire at age 60. Once Mr.

Question Four

Caulfield mogul Monty​ Buxton, age 30​, would like to retire at age 60. Once Mr. Buxton​ retires, he wants to withdraw $1 billion at the beginning of each year for 9 years from a special offshore account which will pay 25​% annually. 

In order to fund his​ retirement, Mr. Buxton will make 30 equal​ end-of-the-year deposits in this same special account which will pay 25​% annually. 

How much money will Mr. Buxton need at age​ 60, and how large of an annual deposit must he make to fund this retirement​ account?

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