Question
Show your calculations please You just celebrated your 21st birthday with your friends this morning, and one of your friends (who is a personal financial
Show your calculations please
You just celebrated your 21st birthday with your friends this morning, and one of your friends (who is a personal financial advisor) was recommending you to plan for your retirement. You would like to retire at age 60 (rather than the normal retirement age of 65). Starting your 61st birthday until your 90th birthday (inclusive), you would like to withdraw $60,000 per year. To support your retirement needs, you will be depositing money into an investment fund on an annual basis. Your first deposit will be on your 22nd birthday, while your last deposit will be on your 60th birthday. The interest rate is expected to remain constant at 4% per year. Calculate the amount of annual deposit needed to support your retirement needs.
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