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Vincent would like to have $50,000 per year to live off in his retirement. He expects to retire on his 65th birthday, make his first
Vincent would like to have $50,000 per year to live off in his retirement. He expects to retire on his 65th birthday, make his first retirement withdrawal on his 66th birthday, and to live until his 85th birthday. He is celebrating his 30th birthday today and will make his first savings deposit one year from today. If he can earn 4% per year on his savings, the amount he must save each year to meet his goal, with the last savings deposit on his 65th birthday, is closest to:
$7,257.59.
$7,547.90.
$7,849.81.
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