Question
Today is Dereks 25th birthday. Derek has been advised that he needs to have $2,359,750.00 in his retirement account the day he turns 65. He
Today is Dereks 25th birthday. Derek has been advised that he needs to have $2,359,750.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 8.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 27.00th birthday and ending on his 65th birthday. How much must those deposits be?
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Survey Of Economics, Principles, Applications, And Tools
Authors: Arthur O'Sullivan, Steven M. Sheffrin, Stephen J. Perez
5th Edition
0132556073, 978-0132556071
