Question: Answer formar Currency. Round to: 2 decimal places Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns
Answer formar Currency. Round to: 2 decimal places Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During those years of part-time work, he will nothor make deposits to nor take withdrawals from his retirement account Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $137,621.00 from his retirement account until he tums 91.00. After this final withdrawal, he wants $1.99 million remaining in his account. Ho he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions bo? Assume a 6.00% interest rate Submit Answer format: Currency Round to: 2 decimal places
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
