Making annual deposits in that account

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Reference no: EM131847917

Justin would like for his heirs to be able to withdraw $2,000 from an account, each month, indefinitely. The annual rate of return in that account is 6%, compounded monthly. How long will it take Justin to save just the right amount of money for these future withdrawals, if from now on he will be making annual deposits in that account in the amount of $4,912.05 at the end of each year?

Reference no: EM131847917

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