You want to be able to withdraw $20,000 from your account each year for 15 years after you retire. If you expect to retire in 20 years and your account earns 7.4% interest while saving for retirement and 4.8% interest while retired:
Round your answers to the nearest cent as needed.
a) How much will you need to have when you retire?
$
b) How much will you need to deposit each month until retirement to achieve your retirement goals?
$
c) How much did you deposit into you retirement account?
$
d) How much did you receive in payments during retirement?
$
e) How much of the money you received was interest?
$
1 answer