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Creating a retirement fund Personal Finance Problem To supplement your retirement, you estimate that you need to accumulate $230,000 exactly 43 years from today. You
Creating a retirement fund Personal Finance Problem To supplement your retirement, you estimate that you need to accumulate $230,000 exactly 43 years from today. You plan to make equal, end-of-year deposits into an account paying 9% annual interest. a. How large must the annual deposits be to create the $230,000 fund by the end of 43 years? b. If you can afford to deposit only $410 per year into the account, how much will you have accumulated in 43 years? a. The annual deposits to create the $230,000 fund by the end of 43 years should be $ (Round to the nearest cent.) b. If you can afford to deposit only $410 per year into the account, by the end of 43 years you will have $ (Round to the nearest cent.)
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