You want to be able to withdraw $35,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 6% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
You want to be able to withdraw $35,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 6% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 23P
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![You want to be able to withdraw $35,000 from your
account each year for 20 years after you retire. You
expect to retire in 25 years. If your account earns 6%
interest, how much will you need to deposit each
year until retirement to achieve your retirement
goals?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fecb18338-6290-4fb8-beab-f73f53ff9860%2Ffd0b85be-3c06-42d5-9fa0-5e1b73040c15%2F7l7vi7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You want to be able to withdraw $35,000 from your
account each year for 20 years after you retire. You
expect to retire in 25 years. If your account earns 6%
interest, how much will you need to deposit each
year until retirement to achieve your retirement
goals?
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