You want to be able to withdraw $30,000 from your account each year for 30 years after you retire. You expect to retire in 20 years. If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
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You want to be able to withdraw $30,000 from your account each year for 30 years after you retire.
You expect to retire in 20 years.
If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve
your retirement goals?
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Transcribed Image Text:You want to be able to withdraw $30,000 from your account each year for 30 years after you retire. You expect to retire in 20 years. If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? Question Help: DVideo 1 D Video 2 Submit Question
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