Question

You plan to retire at age​ 65, and you want to have enough money in your savings account to withdraw​ $54,000 every year for 20 years after that. Your account earns​ 9% interest per year. If​ you're currently​ 30, how much money do you need to put in the account each year until​ you're 65​ (35 years) to make that​ happen? ​ (Note: You put in the last deposit in one year and make the first withdrawal in the next. There is no​ gap.)

Answer 1

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.