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Question $10$

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You are planning for retirement and have calculated that you want to have saved $$1,139,000$ by the time you retire in $25$ years. You have $$24,000$ now and you also know that you will receive $$79,000$ from your share of the family cottage in $5$ years. Assume an annual return of $7\mathrm{.}60\%$ on your funds. How much will you need to save at the end of each of the next $25$ years to reach your retirement goal?

Question $10$Answer

a$.$

$$12,690$

b$.$

$$9,385$

c$.$

$$13,197$

d$.$

$$41,440$

e$.$

$$8,532$