Question: solve using excel formulas like PV, Rate, Nper, Pmt Anne Thom is 25 years old and wants to retire at the age of 50 .

solve using excel formulas like PV, Rate, Nper, Pmt solve using excel formulas like PV, Rate, Nper, Pmt Anne Thom is

Anne Thom is 25 years old and wants to retire at the age of 50 . In order to be able to retire, Anne figures that she needs to have a sufficient amount in her savings account at the retirement date to enable her to withdraw $60,000 at the end of each year for the following 30 years. Anne has just inherited $150,000, which she intends to deposit today to start her retirement fund. Additionally, she will make a deposit at the end of each year for the next 25 years until she reaches 50. How much should each annual deposit be? (Assume that Anne's long-term interest rate is 6\%.)

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