Maintain his standard of living upon retirement

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Reference no: EM131446818

Suppose Mr. Smith is 44 years old and plan to retire in exactly 21 years. Mr. Smith estimates he needs $1,300,000 upon his retirement in 21 years to maintain his standard of living upon retirement. He has $110,000 today to deposit along with 21 equal annual end of the year deposits into a retirement account expected to earn 10.5% annually in order to reach is goal. How much money should Mr. Smith place in the retirement fund at the end of each year for the next 21 years to reach his retirement goal? (show all the works especially the steps for the financial calculator)

Reference no: EM131446818

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