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Question

You have determined that you will need SEK 3,000,000 when you retire in 40 years. You plan to set aside a series of payments each year in an account yielding 6.0 % per year to reach this goal. You will put the first payment in the account one year from today, and the payments will grow with your income by 1.0% per year.

a.) Calculate your first annual payment into this account.

**The first annual payment is** ..... **kr**. *(round to the nearest krona, don't use a comma as a thousand separator)*

b.) Calculate the last annual payment.

**The last annual payment is** **kr.....**. *(round to the nearest krona, don't use a comma as a thousand separator)*

c.) You want to take out 22000 kr per month when you retire. Assuming that the money is placed in a 6.0% APR account throughout your retirement period, approximately how many months will the money last you?

**The number of months the SEK 3,000,000 will last for monthly payments of 22000 kr is** . *(round to full month, no decimals)* * ** *

*PLEASE QUOTE FORMULAS BEFORE INSERTING FIGURES SO THAT I UNDERSTAND HOW YOU FORM THEM IN THE EQUATIONS, KINDLY ATTEMPT ALL THE QUESTIONS.THANK YOU*