To supplement your planned retirement in exactly 40 years, you estimate that you need to accumulate $350,000

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To supplement your planned retirement in exactly 40 years, you estimate that you need to accumulate $350,000 by the end of 40 years from today. You plan to make equal, annual, end-of-year deposits into an account paying 11% annual interest.

a. How large must the annual deposits be to create the $350,000 fund by the end of 40 years?

b. If you can afford to deposit only $460 per year into the account, how much will you have accumulated by the end of 40 years?

Posted Date: May 18, 2024 09:12 AM

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To supplement your planned retirement in exactly 40 years, you estimate that you need to accumulate $350,000

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