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You are depositing ,money for your retirement which begins today. You expect to live for another 25 years. You'd like the annuity you purchased to
You are depositing ,money for your retirement which begins today. You expect to live for another 25 years. You'd like the annuity you purchased to pay out monthly at a growing rate of 0.17% per month. Your goal is to have $0 when you pass away in 25 years. Your first payment will be $10,000 and the prevailing market rate is 6% per year. How much will you need to deposit (approximately?
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