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Question 23 (3 points) EXTRA CREDIT ONLY: You are 22 and want to retire at the age of 65 (in 43 years). In retirement you'd
Question 23 (3 points) EXTRA CREDIT ONLY: You are 22 and want to retire at the age of 65 (in 43 years). In retirement you'd like to have a growing annuity ($10,000 for the first payment which grows annually at 3%) for 25 years. Your Uncle John is giving you $10,000 for graduation this year. How much of this gift do you need to save to completely fund your retirement annuity? Interest rates are 7%. Show math to receive credit. AJ
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