Pv and pmt function to solve for annual deposit

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Reference no: EM131968587

You are currently 40 years old and intend to retire at age 60. To make your retirement easier, you intend to start a retirement account. At the beginning of each of years, you will deposit some money to your retirement account till your retire. You expect the account will earn 7% per year. After retirement at age 60, you want to withdraw $10,000 from your retirement account at the END of each year for 10 years. How much money should you plan to deposit in your retirement each year?

Requirement: Use all the three methods (1) Solver, (2) Goal Seek, and (3) PV and PMT function to solve for annual deposit. Use snipping tool to screenshot the dialog windows of Solver and Goal Seek with the appropriate parameters.

Reference no: EM131968587

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