John is 65 years old. John first started to save for retirement when he was 20 years old, when he put an equal amount of money each year on his birthday starting on his 20th birthday until his 39th birthday. On his 40th birthday and up to and including his 65th birthday, he deposited $9,000 per year into this account. Today (at age 65) John has accumulated $3,000,000 in his retirement savings account. If his account has earned a rate of 8% per year for the last 45 years, how much did john deposit each year from his 20th to his 39th birthday?

Answer rating: 100% (QA)

First assume that x amount deposited from 20th to 39th for times earned 8 interest will ... View the full answer