Question

John is planning to take a trip around the world twenty years from today. In order...

John is planning to take a trip around the world twenty years from today. In order to pay for this trip he plans to make equal yearly deposits in years 1-through-11 into an account paying 9% interest compounded annually. He plans to make five $50,000 yearly withdrawals from the account with the first withdrawal occurring twenty years from today. How much must he save each year to provide himself with the necessary spending money for this dream vacation?

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