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I have been trying to figure out how to solve similar problems to this one and need help to use excel to solve this. We
I have been trying to figure out how to solve similar problems to this one and need help to use excel to solve this. We have been using PV, FV, and PMT formulas to get the calculations, but I'm not sure which one to use. Anything would be awesome thank you!
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 $74,288 at the beginning of each year. You expect to live a total of 17 years once you retire. Your money will continue to earn 9% 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 17 years? Enter your answer as a positive number (round to the nearest dollar if necessary)
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