Joshua is 25 years old and begins a retirement
Joshua is 25 years old and begins a retirement plan by placing annual amounts of $1,800 into a retirement vehicle, beginning one year from now, for 30 consecutive years. When Joshua reaches retirement at age 55, he expects to live for 40 additional years. What is the maximum annual amount that his retirement plan allow him to spend throughout his retirement years? Assume that he will begin to draw from his retirement fund at the end of the first year and that the interest rate is 4%?
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