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You are planning your retirement and you come to the conclusion that you need to have...

You are planning your retirement and you come to the conclusion that you need to have saved $3000000million in 30 years. You can invest into an retirement account that guarantees you a 13% annual return. How much do you have to put into your account at the end of each year to reach your retirement goal?

Solutions

Expert Solution

Calculating Annual Deposit required,

Using TVM Calculation,

PMT = [PV = 0, FV = 3,000,000, N = 30, I = 0.13]

PMT = $10,231.95

Annual Deposit = $10,231.95

jeff jeffy answered 2 years ago
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