Suppose you wish to retire in 43 years on a fixed income equiva- lent to $66,000.00 in today's dollars. Also suppose that inflation over the coming years is 2.4 percent on average. How much money, per year, will you need to invest starting now, with zero initial investment, to attain the necessary nest egg for retirement if your investment pays a 5.2 percent yield? Round your answer to the nearest dollar.

Suppose you wish to retire in 43 years on a fixed income equiva- lent to $66,000.00 in today's dollars. Also suppose that inflation over the coming years is 2.4 percent on average. How much money, per year, will you need to invest starting now, with zero initial investment, to attain the necessary nest egg for retirement if your investment pays a 5.2 percent yield? Round your answer to the nearest dollar.

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter2: Using Financial Statements And Budgets

Section: Chapter Questions

Problem 5FPE

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