Amount of money you must set aside at the end of each year

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Reference no: EM131924308

Assume that you are now 25 years old. You would like to retire at age 65. You would like to have an annual income of $125,000 beginning at age 65, and that income should be distributed to you until your 85th birthday. You would like to have $1 million left over to give to your heirs on your 85th birthday. You expect to earn 8% per year. Determine the amount of money you must set aside at the end of each year until you reach 65 to reach your retirement goal.

Reference no: EM131924308

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