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Derek plan storetireonhis65thbirthday. However, heplan stoworkpart-timeuntil heturns73.00.Duringthe sey ear sof part- timework, hewillneithermakedeposit stonortakewithdrawals fromhisretirementaccount.Exactlyoneyearafterthedayheturns73.Owhenhefullyretires, hewillbegintomakeannual withdrawalsof 140,255.00 from his retirement account until he turns
Derek plan storetireonhis65thbirthday. However, heplan stoworkpart-timeuntil heturns73.00.Duringthe sey ear sof part- timework, hewillneithermakedeposit stonortakewithdrawals fromhisretirementaccount.Exactlyoneyearafterthedayheturns73.Owhenhefullyretires, hewillbegintomakeannual withdrawalsof 140,255.00 from his retirement account until he turns 85.00. He he will make contribu- tions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 8.00
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