You believe you will spend $31,000 a year for 11 years once you retire in 22...
You believe you will spend $31,000 a year for 11 years once you retire in 22 years. If the interest rate is 7% per year, how much must you save each year until retirement to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Homework Answers
Amount to be saved each year=amount spent per
year*(1-1/(1+rate)^number of years)/((1+rate)^years till
retirement-1)=31000*(1-1/(1+7%)^11)/((1+7%)^22-1)=4743.50
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