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?