Asked by Boop
Suppose you are 30 years old and would like to retire at age 60. Furthermore, you would like to have a retirement fund from which you can draw an income of $75, 000 per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of 7% and that the compounding and payment periods are the same.
To draw $75,000 per year, there must be $____ in your savings account when you retire.
To draw $75,000 per year, there must be $____ in your savings account when you retire.
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Answered by
Sarah
Did you ever figure it out? Because I’m stuck on this question too
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