Question

EQuestion Help You have just turned 22 per year You cannot make withdrawals until comfortably in retirement you will need $105,000 per year, starting at the end of bachelor's degree, and accepted your first job. Now you must decide how much money to put into your you retire on your 65th birthday After that, you can make retirement plan. The plan works as follows Every dollar in the plan earns 74% rawals as you see fit You decide that you will plan to live to 100 and work untl you turn 65. You estimate that to live birthday You will contribute the same amount to the plan at the end of every year that you the first year of retirement and ending on your 100th work How much do you need to contribute each year to fund your retirement? Your annual contribution should be (Round to the nearest cent)

Answer 1

Answer:$4692

Accmulated amount at the end of 65th year
PMT(withdrawal per period)	$ (105,000.00)
N(total number of withdrawals)	35	(100-65)
Rate	7.40%
PV(at the end of 65th year)	$1,302,289.60
Find payments each year
FV(At the end of 65th year)	-1302289.602
N(total number of deposits)	43	(65-22)
Rate	7.40%
PMT(deposit amount per period)	$4,692