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I am trying to do the following: plan a retirement schedule between the ages of 22...

I am trying to do the following: plan a retirement schedule between the ages of 22 and 68, in which I would deposit 25% of my income each year. The income starts at 80,000 with an annual growth rate of 5% and, to be realistic, assuming an interest rate of 2.5%. I will assume for simplicity that I receive my first salary ($80,000) when I turn 22, and my last salary when I turn 68. As soon as I receive a salary, I will save 25% of it.

  1. (3 points) Start by drawing the timeline, showing the first three and the last two deposits, ie the deposits at t = 22, 23, 24, 67 and 68 (the amount of each deposit and how you calculated it).
  2. (5 points) How much will Jimmy have in his retirement account when he turns 68, immediately after the last deposit?
  3. (5 points) What single deposit made on Jimmy’s 22nd birthday would give the same account balance when he turns 68?
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