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Can someone help me understand how to calculate these problem using a financial Calculator Derek plans to retre on his 65 th birthday Howevet, he
Can someone help me understand how to calculate these problem using a financial Calculator
Derek plans to retre on his 65 th birthday Howevet, he plans to work parttime unti he turns 7200 . During these years of part-tine work, he wil neither make deposits to nor take witherawals from his retrement account. Exactly one year after the day he furns 72.0 when he fully retires, he will begin to make annual withdrawals of $118,266.00 trom his retiement account unte he turns 88.00. He he will make contributions to his retirement account from his 26 th birhaly to his 65 th tirthday. To reach his goal, what must the contributions be? Assume a 1000% interest rate Attempts Remstining tninty Answer fomat: Currency: Round to: 2 decimal places: Derek plans lo retire on his 65h birthday Howevet, he plans to work part-time unat he furns 71.00. Duning these years of part time work, he wil neither make deposits to nor take withdrawals trom his relirement account Exactly one year after the day he tums 71.0 when he fully retires, he will begin to make annual wehdrawits of $163,782.00 from his retirement account until he turns 92.00. After this final wittidrawal, he wants $1,30 milion remaining in his account. He he will make contrbulions 10 his retirement account from his 26th birthday to his 65 ih bithday. To reach his goal what invst the Athemgts Remaining infin contributions be? Assume a 9.005 interest rate Step by Step Solution
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