Question

Karla plans to retire in 27 years. She will make 324 equal montly contributions to her retirement account. One month after her last contribution, she will begin the first of 120 equal monthly withdrawals from the account. She expects to withdraw $2700 per month. How large must her monthly contributions be in order to accompish her goal if her account is assumed to earn interest at the APR of 3.7 %, compounded monthly througout the life of this problem? Round your final answer to the nearest cent.

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Answer #1

**Formulae**

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