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An investor plans to retire on his 65th birthday. However, he plans to work part-time until his 77th birthday. During these years of part-time work,
An investor plans to retire on his 65th birthday. However, he plans to work part-time until his 77th birthday. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. On his 77th birthday, he wants to have $3,115,982.00 in his retirement account. He will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 7.00% p.a. interest rate. 1) $8,726.39 2) None of the given answers for this question are within $10.00 of the correct answer. 3) $8,489.93 4) $9,720.12 5) $7,928.46 6) $6,930.31
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