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You aspire to leave an inheritance for your children, your childrens children, and so on down the line. You thus plan to put money into
You aspire to leave an inheritance for your children, your childrens children, and so on down the line. You thus plan to put money into an account that can earn 2.4%/year in perpetuity. You want this succession of family members to be able to withdraw $1500 per month from the account perpetually, with the first withdrawal occurring precisely 30 years from today. How much do you need to deposit into the aforementioned account today, in order to satisfy this goal?
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