Question
You deposit 5,000 into a retirement fund at the end of each year for the next 20 years at 5% effective annual interest rate. With
You deposit 5,000 into a retirement fund at the end of each year for the next 20 years at 5% effective annual interest rate. With that accumulated fund, you then purchase a 35-year annuity-immediate which pays you P at the end of each year with an effective annual interest rates 8%. Find P.
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Finance For Freelancers Financial Intelligence
Authors: Andrew Holmes
1st Edition
1408101165, 978-1408101162
