You would like to have enough money saved in your retirement fund in order to receive $118,000 per year, so that you and your family can lead a good life. The fund behaves as a perpetuity with growth. The payments will start one year from the date of your retirement. The interest rate is 9% per year and the growth rate of the payments will be 2% per year.

 

How much would you need to have in your fund when you retire to achieve this goal?

Answer rating: 100% (QA)

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