Question
Suppose that you are age 25 today and plan on retiring at age 65. You determined that you need to have saved $683,482 in real
Suppose that you are age 25 today and plan on retiring at age 65. You determined that you need to have saved $683,482 in real dollars by the time you retire. How much must you contribute (in real dollars) each year to your retirement account to achieve your goal? Assume the following: you make annual contributions; each contribution is the same amount in real dollars; the first contribution will be one year from today; your last contribution will be at age 65; your portfolio earns a real annual rate of return of 6.69%, compounded annually. Do not round at intermediate steps in your calculation. Round your answer to the nearest dollar. Do not type the $ symbol.
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