Kevin is planning on saving for retirement. He wishes to have $500,000 in his retirement account in 40 years (t=40). He plans on doing this by making equal yearly deposits into his savings account starting from t=1. The interest rate is 4% p.a. How much does he need to deposit each year?

Answer rating: 100% (QA)

Step 1 Future value required 500000 Period r 40 years Rate r 004 ExplanationPlease refer to soluti... View the full answer