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?

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

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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?

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