Answer:
The correct answer is $7,056.46
Explanation:
Giving the following information:
You want to save sufficient funds to generate an annual cash flow of $55,000 a year for 25 years as retirement income. How much do you need to save each year if you can earn 7.5 percent on your savings?
Final value= 55,000*25= 1,375,000
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (1,375,000*0.075)/[(1.075^38)-1]= $7,056.46
If Jermaine defines goals, set objectives and identifies the
steps for having to accomplish them, she is engaged with the management
function of planning as planning is a function in management in having to make
plans in order to acquire specific goals.
Interest inventory measures the skills u have
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