You expect to need $60,000 per year for 24 straight years when you retire, and the first annual payment will take place 39 years from today. If you wanted to fully fund your retirement with a single deposit today, how much money would you need to deposit? Use a discount rate is 8% ? Round your answer to the nearest dollar.

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 12E
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You expect to need $60,000 per year for 24 straight years when you retire, and the first
annual payment will take place 39 years from today. If you wanted to fully fund your
retirement with a single deposit today, how much money would you need to deposit? Use a
discount rate is 8% ? Round your answer to the nearest dollar.
Transcribed Image Text:You expect to need $60,000 per year for 24 straight years when you retire, and the first annual payment will take place 39 years from today. If you wanted to fully fund your retirement with a single deposit today, how much money would you need to deposit? Use a discount rate is 8% ? Round your answer to the nearest dollar.
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