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QUESTION

You are planning for your future needs and retirement.

You are planning for your future needs and retirement. You want to receive $10,000 ten years from today and a retirement annuity of $50,000 per year for 15 years with the first payment received 15 years from today. To pay for this, you will make 5 payments of $A per year beginning today and 4 annual payments of $2A with the first payment 13 years from today. With an interest rate of 8%, what is the value for A?

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