Hello,

Below I have a problem from my text that I seem to be stuck on. Could anybody help me understand this?

You plan to retire at the age of 67 and would like to have enough money in your retirement account for yearly withdraws of $18,000 over 30 years. Assuming you are able to earn a yearly rate of return of 7% in your retirement accounting during the 30 years of your retirement , what must be the approximate balance in your retirement account when you turn 67?