After some thought, you have decided that you will need $60,000 each year to live on after you retire, and that you should plan on living 35 years after your retirement. Assume that your retirement account will earn 5% interest while you are taking out $60,000 each year. Additionally, you will get $10,000 each year after your retirement from the insurance company in which you invested money during your job. How much money must be in the retirement account when you retire?
After some thought, you have decided that you will need $60,000 each year to live on after you retire, and that you should plan on living 35 years after your retirement. Assume that your retirement account will earn 5% interest while you are taking out $60,000 each year. Additionally, you will get $10,000 each year after your retirement from the insurance company in which you invested money during your job. How much money must be in the retirement account when you retire?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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After some thought, you have decided that you will need $60,000 each year to live on after you retire, and that you should plan on living 35 years after your retirement. Assume that your retirement account will earn 5% interest while you are taking out $60,000 each year. Additionally, you will get $10,000 each year after your retirement from the insurance company in which you invested money during your job. How much money must be in the retirement account when you retire?
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