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Suppose you are 44 years old and plan to retire in exactly 21 years. You estimate you need $1,300,000 upon your retirement in 21 years
Suppose you are 44 years old and plan to retire in exactly 21 years. You estimate you need $1,300,000 upon your retirement in 21 years to maintain your standard of living upon retirement. You have $110,000 today to deposit along with 21 equal annual end of the year deposits into a retirement account expected to earn 10.5% annually in order to reach is goal. How much money should you place in the retirement fund at the end of each year for the next 21 years to reach the retirement goal?
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