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Jamie just graduated from college and she is starting her new job today. Her new employer gave her a $10,000 signing bonus that she will
Jamie just graduated from college and she is starting her new job today. Her new employer gave her a $10,000 signing bonus that she will invest today. She plans to retire 45 years from today. Once she retires, she would like to be able to withdraw from her retirement account $250,000 at the end of each following retirement for 25 years (after 25 years the amount in that account should be 0). If Jamie can earn a return of 8% on her investments for the first 45 years and then 5% once she retires, how much equal amount of money does she need to save and invest each year to meet her goal (she invests ar the end of the year, i.e. this a ordianry annuity)? Round to the nearest 2 decimal places - if for example the answer is 7,345.567 then round it to 7,345.57. Numeric Response
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