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28 Sep 2019
Happy Birthday! You turned 25 today. You intend to retire at age 65 and want to be able to receive a 25-year, $80,000 beginning of the year annuity with the first payment to be received on your 65th birthday. You would like to save enough money over the next 40 years to achieve your objective; that is, you want to accumulate the necessary funds by your 65th birthday. You expect your investments to earn on average 8% per year until age 65, and 5% thereafter. What equal, annual amount must you save at the end of each month for the next 40 years until you are age 65 to achieve your objective? Assume you currently have saved $15,000 toward this goal.
Happy Birthday! You turned 25 today. You intend to retire at age 65 and want to be able to receive a 25-year, $80,000 beginning of the year annuity with the first payment to be received on your 65th birthday. You would like to save enough money over the next 40 years to achieve your objective; that is, you want to accumulate the necessary funds by your 65th birthday. You expect your investments to earn on average 8% per year until age 65, and 5% thereafter. What equal, annual amount must you save at the end of each month for the next 40 years until you are age 65 to achieve your objective? Assume you currently have saved $15,000 toward this goal.
Keith LeannonLv2
28 Sep 2019
