You are trying to calculate how much money you should have at retirement. On your

55th

birthday you will retire and immediately make your first withdrawal of

$5,833.33.

You plan to make

24

such withdrawals each year. You plan to continue withdrawing at that level and frequency until you are

82

years old. (Assume beginning of period withdrawals with the first withdrawal on your retirement date and no withdrawal on your final birthday.) During retirement your savings will earn only

3.6%

per annum. How much do you have to have saved at retirement to fund these planned withdrawals?

How much do you have to have saved at retirement to fund these planned withdrawals?