Asked by D Johnson

Nelson Collins decided to retire to Canada in 10 years. What amount should Nelson deposit so that he will be able to withdraw $80,000 at the end of each year for 25 years after he retires? Assume Nelson can invest money at 7% interest compounded annually. (p. 322)
Answered by Sarah Brooks
Assuming that at the date Jimmy retires, he wants enough income for 25 years of retirement and the rate of inflation will remain at 3.0% per year, how much will Jimmy and Jane need to live on for 25 years? (Hint: Use $160,000 for your payment variable).

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