(Solved Homework): I NEED STEP BY STEP SOLUTIONS. EVERYTHING MUST BE SOLVED BY HAND . DO NOT USE ANY EXCEL FORMULAS…

I NEED STEP BY STEP SOLUTIONS. EVERYTHING MUST BE SOLVED BY HAND . DO NOT USE ANY EXCEL FORMULAS

Jane Doe is 25 years old and wants to retire at the age of 50. In order to be able to retire, Jane figures that she needs to have a sufficient amount in her savings account at the retirement date to enable her to withdraw $50,000 at the end of each year for the following 30 years. Jane has just inherited $100,000, which she intends to deposit today to start her retirement fund. Additionally, she wll make a deposit at the end of each year for the next 25 years until she reaches 50. How much should each annual deposit be? (Assume that Jane’s long-term interest rate is 6%.)

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