Professor "Steve" is getting ready to retire at age 65. Hejust turned age 54 today - right now. He believes he will need $500,000 of savings when he reaches age 65 to cover his retirement needs. If Steve can earn 6% on his money (compounded annually), how much does he have to invest now to have enough saved? Amount Steve must invest: PV Ordinary Annuity Key Information: Age today Age at retirement Years in between Desired retirement savings Rate of return? N i 54 65 11 50000 $ PV PMT + FV Points 2

Professor "Steve" is getting ready to retire at age 65 . He just turned age 54 today-right now. He believes he will need $500,000 of savings when he reaches age 65 to cover his retirement needs. If Steve can earn 6% on his money (compounded annually), how much