Problem 06.027 AW of a Permanent Investment How much must you deposit each year into your retirement account starting now and continuing through year 12 If you want to be able to withdraw $75,000 per year forever, beginning 34 years from now? Assume the account earns Interest at 9% per year. The amount to be deposited is determined to be $ 5242.86

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
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Problem 06.027 AW of a Permanent Investment
How much must you deposit each year into your retirement account starting now and continuing through year 12 If you want to be able
to withdraw $75,000 per year forever, beginning 34 years from now? Assume the account earns Interest at 9% per year.
The amount to be deposited is determined to be $ 5242.86
Transcribed Image Text:Problem 06.027 AW of a Permanent Investment How much must you deposit each year into your retirement account starting now and continuing through year 12 If you want to be able to withdraw $75,000 per year forever, beginning 34 years from now? Assume the account earns Interest at 9% per year. The amount to be deposited is determined to be $ 5242.86
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