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How much will robert have to invest every year to achieve

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Robert Williams is 30 years and wants to retire when he is 65. So far he has saved (1) $5,470 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,250 in a money market account in which he is earning 5.25 percent annually. Robert wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 7.14 percent annually. How much will Robert have to invest every year to achieve his savings goal?

Reference no: EM132376813

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