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If he starts making these deposits in one year and makes his last deposit on the day he retires, what amount must he deposit annually
If he starts making these deposits in one year and makes his last deposit on the day he retires, what amount must he deposit annually to be able to make the desired withdrawals in retirement?
Year until Retirement | nper | 30 | |
Future Value at Retirement | FV | $634,903 | |
Interest Rate | Rate | 12% | |
Initial deposit | PV | $ | |
Annual Contribution Reqd | PMT | PMT(rate,nper,pv,fv) | |
Initial dep = | $2,631 |
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