You’re currently 20 years old. You want to retire at the age of 60 and be able to have $50,000 at the beginning of each year, starting from age 60, for 30 years (that is, your life expectancy is 90). You expect to start working at the age of 22, and plan to make an annuity deposit at the beginning of every year starting from age 23 all the way to age 59.

Assuming that your account pays 6.50% interests with annual compounding, how much do you need to deposit each year from age 23 to age 59?

Answer rating: 100% (QA)

A 5000030 A 1500000 n ... View the full answer