To supplement your planned retirement in exactly 35 years, you estimate that you need to accumulate $200,000
Fantastic news! We've Found the answer you've been seeking!
Question:
To supplement your planned retirement in exactly 35 years, you estimate that you need to accumulate $200,000 by the end of 35 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 7% annual interest.
a. How large must the annual deposits be to create the $200,000 fund by the end of 35 years?
b. If you can afford to deposit only $1,190 per year into the account, how much will you have accumulated by the end of 35 years?
Posted Date: