How much the nest egg must be at retirement

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Reference no: EM132076014

Question: Sam is 40 and would like to retire at 65 and plans to live until 80, so he needs to determine how much he should start depositing into an interest-bearing retirement account now. His goal is to have a monthly annuity payout of $4800 per month. The interest he will earn on his annuity is an APR of 9%. Determine how much his nest egg must be at retirement (age 65) for him to have a $4800 payout lasting him until he is 80 years old.

Reference no: EM132076014

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