Kendra want to be able to make withdrawals of $60000 a year for 30 years after retiring in 35 years. how much she have to save each year up until retirement if her account earn 7% interest?

mangicele4s

mangicele4s

Answered question

2022-09-24

Kendra want to be able to make withdrawals of $60000 a year for 30 years after retiring in 35 years. how much she have to save each year up until retirement if her account earn 7% interest?

Answer & Explanation

berzamauw

berzamauw

Beginner2022-09-25Added 9 answers

value of payment at year 38 = put × 1 1 1 + r h r = $ 744 542.47 60000 × 1 1 1.07 30 0.07 future value = f v = $ 744542.47 PMT = F V ÷ ( 1 + r ) n 1 r Annual contribution  = P M T = $ 5385.99

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