1. Other
  2. Other
  3. to supplement your retirement you estimate that you need to...

Question: to supplement your retirement you estimate that you need to...

Question details

 To supplement your​ retirement, you estimate that you need to accumulate ​$300,000 exactly 38 years from today. You plan to make​ equal, end-of-year deposits into an account paying  8 % annual interest.

a.  How large must the annual deposits be to create the ​$300,000 fund by the end of 38 ​years?

b.  If you can afford to deposit only ​$1,150 per year into the​ account, how much will you have accumulated in 38 ​years?

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution