Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Today is Stanley’s 55th birthday. He plans to retire on his 65th and wants to put aside" the same sum of money every birthday (starting now) up to and including his 65th birthday. He then wants to be able to withdraw $10,000 every birthday (starting with his 66th) up to and including his 85th birthday. He believes that an interest rate of 10% per year is reasonable. How much does he need to put aside each birthday?
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