You want to be able to withdraw $45,000 from your account eachyear for 30 years...

You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.

You expect to retire in 20 years.

If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

Expert Solution

jeff jeffy answered 2 years ago

You want to be able to withdraw $45,000 from your account each year for 30 years...

You want to be able to withdraw $45,000 from your account each year for 30 years after you retire. If you expect to retire in 25 years and your account earns 7.9% interest while saving for retirement and 7.8% interest while retired: Round your answers to the nearest cent as needed. a) How much will you need to have when you retire? $ b) How much will you need to deposit each month until retirement to achieve your retirement goals?...

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