Solution-Calculate how much needs to deposit each year

Calculate how much needs to deposit each year

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Reference no: EM132805606

Mike wants to retire in 25 years and expects to live for 25 years after retirement. To maintain his lifestyle during retirement, he will need $55,000 at the beginning of each year. He wants to start saving for his retirement by depositing money at the end of each year for the next 25 years.

Problem 1: If the return he can earn is 6% compounded annually, calculate how much he needs to deposit each year.

Reference no: EM132805606

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Calculate how much needs to deposit each year

Reference no: EM132805606

Reference no: EM132805606

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