Question
Show solve by hand on paper please Youve decided to consider saving toward your retirement goal of having $582,548 in the bank 22 years from
Show solve by hand on paper please
Youve decided to consider saving toward your retirement goal of having $582,548 in the bank 22 years from today. Youve identified a bank in which youd like to open a savings account. The bank pays an annual interest rate of 7.8% per year.
Youre first deposit into the bank will be made 6 years from today. Youve decided to make a total of 8 annual deposits into the bank. The size of the annual deposits will increase by 2.9% each year.
After the last deposit, the money will remain in the bank until you withdraw it 22 years from today.
How large must your first deposit be?
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