Today is Stanley's 55th birthday. He plans to retire on his 65th birthday and wants to put aside the same sum of money every birthday (starting today) up to and including his 65th birthday. He then wants to be able to withdraw $10 000 every birthday (starting with his 66th) up to and including his 85th birthday. He believes that an interest rate of 10 percent per annum is a reasonable estimate. 

How much does Stanley need to put aside each birthday? 

Answer rating: 100% (QA)

Amount withdrawn 10000 Number of Years 20 R... View the full answer