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This is a classic 'retirement' problem. A time line will help in solving it. Your friend is celebrating her 35th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $10 000 from her savings account on each birthday for 10 years following her retirement; the first withdrawal will be on her 66th birthday. Your friend intends to invest her money in the local savings bank, which offers 7 per cent interest per year. She wants to make equal, annual payments on each birthday in a new savings account she will establish for her retirement fund.
Question 1: If she starts making these deposits on her 36th birthday and continues to make deposits until she is 65 (the last deposit will be on her 65th birthday), what amount must she deposit annually to be able to make the desired withdrawals on retirement?
Question 2: Suppose your friend has just inherited a large sum of money. Rather than making equal payments, she has decided to make one lump-sum payment on her 36th birthday to cover her retirement needs. What amount would she have to deposit?
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