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you are 40 years old and want to retire at age 55. each year starting one year from now you will deposit an equal amount
you are 40 years old and want to retire at age 55. each year starting one year from now you will deposit an equal amount into a savings account that pays 7.3% interest. the last deposit will be on your 55th birthday. on your 55th you will switch the accumulated savings into a safer bank that pays only 3.7% interest. you will withdraw your annual infome of 130,000 at the end of that year on your 56th birthday and each subsequent year until your 75th birthday. on your birthday you want to give $500,000 to your children. how much do you have to save each year to make this retirement plan happen? round to nearest cent
round to nearest cent
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