Your friend plans to retire when he turns age 71 and will need $40,000 at...
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Your friend plans to retire when he turns age 71 and will need $40,000 at that time and at the end of each of the following 19 years. Thereafter, he will use his equity in his house to support his living expenses. He will make a deposit at the end of this year in an account that pays 8% compounded annually, and an identical deposit at the end of each year with the last deposit occurring when he turns age 71. If an annual deposit of $1,934 will allow him to reach this goal, how old is your friend now? (Today is January 1st.)
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