You deposit 5000 into a retirement fund at the end of each


You deposit 5,000 into a retirement fund at the end of each year for the next 20 years at 5% effective annual interest rate. With that accumulated fund, you then purchase a 35-year annuity-immediate which pays you P at the end of each year with an effective annual interest rates 8%. Find P.

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Financial Econometrics: You deposit 5000 into a retirement fund at the end of each
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