At retirement, you cash in your retirement savings and purchase an annuity oering you an annual payment
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At retirement, you cash in your retirement savings and purchase an annuity o§ering you an annual payment of $25,000 a year for 20 years. If the annuity is based on a 4% annual interest rate and you will receive the first annuity payment one year from now, how much did you save for retirement?
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th edition
Authors: Richard Brealey, Stewart Myers, Alan Marcus
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