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You want to deposit $X amount of money today (year 0), so that when you retire in 31 years from now, you can make annual
You want to deposit $X amount of money today (year 0), so that when you retire in 31 years from now, you can make annual withdrawals for the subsequent 24 years. Your first withdrawal will be at time 32 and your last withdrawal will be at time 55. You want your first withdrawal (in year 32) to be $58,000 and then increase this payment by 4% every year after the prior one to compensate for inflation. If your interest rate is 5% APR, how much is $X?
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$262,265.12
$1,190,169.48
$249,776.31
$271,939.60
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