Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can someone help verify if my answer is correct and explain why if it is not? Assume that today is January 1, 2022, and that
can someone help verify if my answer is correct and explain why if it is not?
Assume that today is January 1, 2022, and that you just turned 25 years old. You plan to retire when you turn 65 years old. Beginning that day, you will take retirement draws of $86,145 at the beginning of each year. You expect to live a total of 19 years once you retire. Your money will continue to earn 6% during your retirement years. How much money will you need in your retirement account as of the date you retire (when you turn 65 years old) in order to cover your retirement draws over the next 19 years? Enter your answer as a positive number (round to the nearest dollar if necessary). 1,636,755
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started