Worker Joe is calculating his required savings at retirement. Joe expects that he will need $50000...
Worker Joe is calculating his required savings at retirement. Joe expects that he will need $50000 per year for 20 years in retirement. If his savings for retirement can generate 6% interest during retirement years, what is the total required savings right when he retires?
$ (no comma as thousand separator)
Homework Answers
Present value of annuity=Annuity[1-(1+interest rate)^-time period]/rate
=50,000[1-(1.06)^-20]/0.06
=50,000*11.46992122
=$573496.06(Approx).
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