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You decide that you want to save 767,393 dollars for retirement. Assuming that you are 25...

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Finance

You decide that you want to save 767,393 dollars for retirement.Assuming that you are 25 years old today, will retire at the age of65, and can earn a 8 percent annual interest rate on your deposits,how much must you deposit each year to meet your retirement goal?(your first deposit will be one year from now and your last depositwill be 40 years from today, i.e. 40 deposits) Hint : The number ofyears for FVIFA computation will be 40 years

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Table Approachn 40 FV 767393 r    See Answer
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Transcribed Image Text

You decide that you want to save 767,393 dollars for retirement.Assuming that you are 25 years old today, will retire at the age of65, and can earn a 8 percent annual interest rate on your deposits,how much must you deposit each year to meet your retirement goal?(your first deposit will be one year from now and your last depositwill be 40 years from today, i.e. 40 deposits) Hint : The number ofyears for FVIFA computation will be 40 years

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