Sally Johnson desires to retire in $20$ years. for vacation travel purposes, she wants to be able to withdraw $$6000$ at the end of the first year of retirement, then increase withdrawals by $$800$ per year indefinitely. How much does Sally need in her travel retirement account with a $9\%$ interest rate $($compound annually$)$ to achieve this goal?

Answer rating: 100% (QA)

To determine how much Sally needs in her travel retirement account we can use the formula for presen... View the full answer