You would like to save for retirement. You have decided that you would like to deposit...

 

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You would like to save for retirement. You have decided that you would like to deposit the same amount each and every year into your retirement account. You would like to retire in 22 years and you would like to have $1,064,202 in your account when you retire. If you are able to invest at 9% per year, how much money do you need to deposit each year? Assume your first deposit occurs one year from today and your last deposit occurs 22 years from today. (please round your answer to the nearest dollar - please do not include commas in your answer) You would like to save for retirement. You have decided that you would like to deposit the same amount each and every year into your retirement account. You would like to retire in 22 years and you would like to have $1,064,202 in your account when you retire. If you are able to invest at 9% per year, how much money do you need to deposit each year? Assume your first deposit occurs one year from today and your last deposit occurs 22 years from today. (please round your answer to the nearest dollar - please do not include commas in your answer)

Answer rating: 100% (QA)

To calculate how much money you need to deposit each year to have 106420... View the full answer