Question: How much does Tim need to save each year for 9 years as a regular savings payment if he wants to retire in exactly 9

How much does Tim need to save each year for 9 years as a regular savings payment if he wants to retire in exactly 9 years with $1,078,000.00, can earn 13.05 percent on his savings, starts making regular savings payments in exactly 1 year, and saves an equal amount each year with one exception, which is that in 2 years, he plans to make an extra contribution of $30,000.00 to savings?(ROUND THE VALUE TO 0 DECIMAL AND ENTER THE POSITIVE VALUE)

Correct Answer:

65,198

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