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Determine the size of the annual deposits must make

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Question 1: Octavia is 35 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the end of each of the next 25 years so that she can retire at age 60. She expects to live to an age of 80 and wants to be able to withdraw RM90,000 per year from the account on her 61st through 80th birthdays. The account is expected to earn 6% per year for the entire period of time. Determine the size of the annual deposits that she must make.

Reference no: EM132503647

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