You plan to live 33 after you retire and will withdraw $60,000 per year during that period. If your account balance is $0 on the day you die, and you earn 6.4 percent interest annually.

How much do you need to have saved on the day you retire? Assume each withdrawal is taken at the beginning of the year. 

 

PV = $

 

You plan to retire in 42 years. If you make your first deposit at the end of this year.

How much do you need to set aside each year in order to meet your earlier goal of withdrawing $60,000 per year during retirement?

 

Annual savings = $

Answer rating: 100% (QA)

To calculate the present value PV you need to have saved on the day you retire we can use the presen... View the full answer