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?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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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?

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