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Posted on Jul 20, 2024

You plan to save $1,200 per month for the next 35 years until you retire. After you retire you want to withdraw $450,000 per year

You plan to save $1,200 per month for the next 35 years until you retire. After you retire you want to withdraw $450,000 per year for 30 years. If you expect to earn 6% after retirement, what annual rate will you need to earn until you retire to meet your goal?

A. 19.64%

B 15.02 %

C. 11.99%

D. 11.18%

Please explain the steps on how to work it out on a TI83 calculator.

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