Question
you pay $10,000 annually into a pension with 5% rate of return on money put into pension. You want to retire in 20 years and
you pay $10,000 annually into a pension with 5% rate of return on money put into pension. You want to retire in 20 years and use the pension at the end of 20 years to pay for a pension payment annually at the end of the year for the next 11 years. What is the annual pension payment?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
