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You have just turned 22 years old, received your bachelor's degree, and accepted your first job. Now you must decide how much money to
You have just turned 22 years old, received your bachelor's degree, and accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows Every dollar in the plan earns 65% per year. You cannot make withdrawals until you retire on your 65th birthday Aher that, you can make withdrawals as you see it. You decide that you will plans to live to 100 and work until you turn 65. You estimate that to live comfortably in rebrement, you will need $95,000 per year starting of the end of the first year of reteement 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 your retirement? Your annual contribution should be $(Round to the nearest cent)
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