The present age of Executive is 50 Years, he will retire at the age of 60 and expect to have age of 75 years
Assuming 12.5% rate of return, calculate the amount he must have available at age of 60 years in order to receive 20,000 monthly (at end of each month) from retirement until death
Once you determine the amount Executive should have at the age of 60,
Please advise him that how much he should start accumulating per year in annuity account per year at the rate of 10%, so that he will have that amount at the age of 60