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How much does have to place at the end of each year

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Problem 1: Neil plans to retire at the age of 70. He wants an annual income of $60,000 per year. Neil is currently 53 years of age. How much does he have to place at the end of each year into a retirement account earning 15 percent per year in order to have an adequate retirement nest egg at age 70? He believes that he will live to be 95 and plans to earn 12 percent during retirement. He will draw the money at the end of each year. (TIP: Based on the ages given, assume a 15 year accumulation period and 25 year distribution period.)

Option 1: $11,077

Option 2: $9,890

Option 3: $6,758

Option 4: $7,764

Reference no: EM132831286

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