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How much does she need to invest at the end of every month

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Question - Delaney is 18 years old and wants to sustain an annual income of $30,000 in today's dollars for 17 years at the end of every year when she retires at age 65 (the amount will remain fixed once set at age 65). If the annually compounded annuity can earn 4.65% in retirement and 9.5% during contributions, how much does she need to invest at the end of every month? Assume the annual rate of inflation is 2.7%.

Reference no: EM132922128

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