An Engineer plans to retire on the day he turns 60-year old. To address his retirement, he wants to set aside the same amount of funds each year for the next 10 years - starting next year- so that he will be able to withdraw $52,620 per year for 20 years once he retires, with the 15t withdrawal on his 61st birthday. The Engineer is 30 years old today. How much must he set aside each year for his retirement if he can earn 19% on his funds?

An Engineer plans to retire on the day he turns 60-year old. To address his retirement, he wants to set aside the same amount of funds each year for the next 10 years - starting next year- so that he will be able to withdraw $52,620 per year for 20 years once he retires, with the 15t withdrawal on his 61st birthday. The Engineer is 30 years old today. How much must he set aside each year for his retirement if he can earn 19% on his funds?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An Engineer plans to retire on the day he turns 60-year old. To address his retirement, he wants to set aside the same amount of funds each year for the next 10 years - starting next year- so that he will be able to withdraw $52,620 per year for 20 years
once he retires, with the 1st withdrawal on his 61S birthday. The Engineer is 30 years old today. How much must he set aside each year for his retirement if he can earn 19% on his funds?

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