You are currently 55 years old and you plan to retire at 65. To make your retirement easier, you intend to start a retirement account: At the beginning of each year 1, 2, 3, 4, 5 (that is, starting today and at the beginning of each next four years), you intend to make a deposit into the retirement account. You think the account will earn 10% interest per year. After retiring at age 65, you plan to live another eight years. At the start of each of these years, you want to withdraw $50,000 from your retirement account. Your account balance will continue to earn 10% interest.

15. How much should you deposit into the account annually? (Minimum)

16 . What is the final balance of your account at the end of age 72?

17 . What is the final balance in your account at the end of your 64th    

 

19. What is the final balance at age 70 if you have made the minimum payment required?