You are 35 years old, and decide to save $5000 each year (with the first deposit one year from now), in an account paying 8% interest per year.

You are 35 years old, and decide to save $5000 each year (with the first deposit one year fromnow), in an account paying 8% interest per year. You will make your last deposit 30 years fromnow when you retire at age 65. During retirement, you plan to withdraw funds from the accountat the end of each year (so your first withdrawal is at age 66). What constant amount will you beable to withdraw each year if you want the funds to last until you are 90?

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