You have just turned 22

22 yearsold, received yourbachelor's degree, and accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works asfollows: Every dollar in the plan earns 7.2 %

7.2% per year. You cannot make withdrawals until you retire on your 65th birthday. Afterthat, you can make withdrawals as you see fit. You decide that you will plan to live to 100

100 and work until you turn 65

65. You estimate that to live comfortably inretirement, you will need $ 90 comma 000

$90,000 peryear, starting at the end of the first year of retirement and ending on your 100th birthday. You will contribute the same amount to the plan at the end of every year that you work. How much do you need to contribute each year to fund yourretirement?

Your annual contribution should be $

nothing

.