You want to be able to withdraw $35,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 6% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
You want to be able to withdraw $35,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 6% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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