Question
When Riley retires, they would like to be able to withdraw $1250 semimonthly (twice per month) from their retirement account, and do so for 15
When Riley retires, they would like to be able to withdraw $1250 semimonthly (twice per month) from their retirement account, and do so for 15 years. Their retirement annuity has a 6% APR.
1. If they start saving 10 years before retirement, how much will Riley need to deposit semimonthly to reach their goal?
2. How much will they deposit in total over the 10 years?
3. If they start saving 25 years before retirement, how much will Riley need to deposit semimonthly to reach their goal?
4. How much will they deposit in total over the 25 years?
5. f they start saving 40 years before retirement, how much will Riley need to deposit semimonthly to reach their goal?
6. How much will they deposit in total over the 40 years?
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