What amount must jackie invest over the next

Reference no: EM13561613

Jackie is now exactly 40 years old, and plans to invest a recurring amount over the next 15 years (until age 55) in an account bearing 10% annual interest. She plans to retire at age 65 and live to age 100 (don’t we all?). She wants to be able to withdraw equal $60K annual amounts in her retirement years. When she passes away at exactly age 100, Jane wants her investment account to have $1M left in it for her 2 children to share as an inheritance. What amount must Jackie invest over the next 15 years to make this retirement plan possible?

Reference no: EM13561613

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