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You plan to retire in year 21 Your retirement will last 25 years starting in year 21 You want to have $50,000 each year of your retirement. How much would you have to invest each year, starting in one year, for 15 years , to exactly pay for your retirement ,if your investments earn 6.00% APR (compounded annually)? Calculate your answer to the nearest dollar. Write only the number with no dollar sign or comma (e.g., 3711)

User Andbamnan
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Answer:

$20,520

Step-by-step explanation:

Please see the explanation and solution attached.

You plan to retire in year 21 Your retirement will last 25 years starting in year-example-1
User Carsten Massmann
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