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Irene plans to retire on January 1, 2020. She has been preparing to retire by making...

Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on January 1, 1980, of 2050 dollars into an account that pays an effective rate of interest of 7.5 percent. She has continued this practice every year through January 1, 2001. Her goal is to have 1.25 million dollars saved up at the time of her retirement. How large should her annual deposits be (from January 1, 2002 until January 1, 2020) so that she can reach her goal?

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for formulas and calculations, refer to the image below -

ekkarill92 answered 1 year ago
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