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You are planning on retiring in 20 years. You will make yearly deposits into your account, with your first deposit coming next year and your
You are planning on retiring in 20 years. You will make yearly deposits into your account, with your first deposit coming next year and your last deposit right when you retire (a total of 20 deposits). You will then make withdrawals of 49,000 per year for 25 years, with your first withdrawal coming 1 year after you retire (exactly 1 year after your last deposit). If the interest rate is 7% over the entire period, how much do you need to deposit each year to achieve your goal?
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