Question: SOLVE THIS WITH ANNUITY FORMULAS PLEASE! ALSO NO EXCEL Suppose Rachel wishes to retire fifty years from today. She needs $ 8 , 0 0

SOLVE THIS WITH ANNUITY FORMULAS PLEASE! ALSO NO EXCEL

Suppose Rachel wishes to retire fifty years from today. She needs $

8, 000

per month once she retires, with the first retirement funds withdrawn one month from the day Rachel retires. Rachel estimates that she will earn effective annual rate of

3.66 %

on her retirement funds. Rachel also believes she will need funds up and including the

40

th year after retirement. How much must she deposit each year in her retirement funds, so that she has enough funds for retirement?

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