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Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work,
Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will begin to make annual withdrawals of $177,017.00 from his retirement account until he turns 91.00. He he will make contributions to his retirement account from his 26 th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 6.00% interest rate. Answer format: Currency: Round to: 2 decimal places
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