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please help asap!!! :) When you reach retrement age, you would like to have enough money saved to be able to pay yourselr an annual
please help asap!!! :)
When you reach retrement age, you would like to have enough money saved to be able to "pay yourselr an annual salary of $70,000 per yoar for 20 years. To put this another way, your plan is to start your fetirement with a latge amount of money saved, and you will withdraw $70,000 from these savings once a year for the naxt 20 yoars unfil all of your savings are deploted. In the meantme, you are a 25-yeer-old new UiC graduato, and you plan on working for 40 years untl you retre. To fund your rotiferrent gods, you plan an investing some meney in the stock market. More specifically, at the end of each year unti you fetre, you are going to put part of your paycheck into the stock market; youll put in the same dolar amount every year for the next 40 years. You are a pretty decent stock investor, and you thirk you can make a 15% retum on the market each yoar you invest, both until you retire and atler retiramert. What is the annuity poyment (to the nearest dolar) you need to put irto the stock market every year for the next 40 years to fuly fund your retrement? Write your answar, without a dollar sign in front, rounded to the nearest whole dollar. (If you do this correctly, it might be a smaller number than you'd thinkl) Step by Step Solution
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