Mark is planning to retire in 20 years with a retirement fund of $500,000. He is also
Fantastic news! We've Found the answer you've been seeking!
Question:
Mark is planning to retire in 20 years with a retirement fund of $500,000. He is also considering investing in an annuity that promises a 5% yearly return, compounded annually. Future value needed: 500,000 Time: 20 years Annual interest rate: 5% Required: 1. Find out the amount of money Mark needs to invest now in order to achieve his retirement goal. If the annual return was only 3%, how much additional investment would he require? 2. What would be the required present value if the annual return decreased to 3%? |
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Posted Date: