How much must you deposit each year into your retirement account starting now and continuing through...
How much must you deposit each year into your retirement account starting now and continuing through year 10 if you want to be able to withdraw $100,000 per year forever, beginning 28 years from now? Assume the account earns interest at 12% per year.
The amount to be deposited is determined to be______ $ .
Homework Answers
Ans:
the Annual worth of capital investment will be
A=P*i
The Interest rate is 12%
the Number of periods from now continuing till Year 10 is 11
Let Annual Deposit be A
A(p/a,12%,11) (F/P,12%,28)=100,000/.12
A(5.9377)(23.8839)=833,333.3333
a(141.8154)=833,333.3333
A=833,333.33/141.8154
A=5876.1836
The amount to be deposited is determined to be
$__5876.1836
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