Mr. Smith is planning his retirement. He has decided that he needs to withdraw $12000 per year from his bank account to supplement his other income from Social Security and a private pension plan. How much money should he plan to have in the bank at the start of his retirement, if the bank pays 10% per year, compounded annually, and if he wants money to last for a 12-year retirement period?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Mr. Smith is planning his retirement. He has decided that he needs to withdraw $12000 per year from his bank account to supplement his other income from Social Security and a private pension plan. How much money should he plan to have in the bank at the start of his retirement, if the bank pays 10% per year, compounded annually, and if he wants money to last for a 12-year retirement period?

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