Answer:
The amount of money you must save each year to meet your retirement goal is $7,462.86
Explanation:
Acording to the data, we have the following:
Future value =$590,000 , N = 30 years and I = 6%
Therefore, to calculate the amount of money you must save each year to meet your retirement goal you have to use the formula of the future value.
Future value = yearly deposit * FVIFA (N,i)
$590,000 = deposit * FVIFA (30 , 6%)
Deposit = $590,000 / 79.0582 = $7,462.86
. Money to save each year.
