Derek decides that he needs $161,349.00 per year in retirement to cover his living expenses. Therefore, he

Fantastic news! We've Found the answer you've been seeking!

Question:

Derek decides that he needs $161,349.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $161349.0 on each birthday from his 66th to his 89.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 10.00%.