You plan to retire after working 30 years for King Bakery. You have calculated that you will need $2 million in your retirement account to retire comfortably. Due to current bills and financial obligations, you will not be able to begin contributing to your retirement account until the end of year 5. If you get paid once per year and your account earns 12%, how much will you need to contribute yearly in order to ensure you have $2 million in the retirement account at retirement?

Answer rating: 100% (QA)

Number of years of compounding N 30 5 ... View the full answer