You plan to retire at age 65, and you want to have enough money in your savings account to withdraw $54,000 every year for 20

Question

4 years ago

7

You plan to retire at age 65, and you want to have enough money in your savings account to withdraw $54,000 every year for 20

years after that. Your account earns 9% interest per year. If you're currently 30, how much money do you need to put in the account each year until you're 65 (35 years) to make that happen? (Note: You put in the last deposit in one year and make the first withdrawal in the next. There is no gap.)

Business

1 answer:

leonid [27] · Answer 1 · 2021-12-22T09:36:22+03:00

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

You plan to retire at age​ 65, and you want to have enough money in your savings account to withdraw​ $54,000 every year for 20

You plan to retire at age 65, and you want to have enough money in your savings account to withdraw $54,000 every year for 20