Charlie wants to retire in 20 years, and he wants to have an annuity of $40,000 a
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Charlie wants to retire in 20 years, and he wants to have an annuity of $40,000 a year for 20 years after retirement. Charlie wants to receive the first annuity payment at the end of the year during his retirement period. Using an interest rate of 5% for both savings and retirement periods, how much must Charlie invest today in order to have his retirement annuity? (Round your answer to the nearest dollar).
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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