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What is required annual contribution

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You plan to retire in 36 years and would like to have saved $1,000,000 in your tax-deferred retirement account. Currently, your balance in your account is zero. As a first pass analysis, assume that you make an annual contribution at the end of each year, starting with the current year. Also, assume that the dollar amount of each contribution is the same. Your investment options are such that you forecast a rate of return of 6% per year over the period of time until you retire.

Problem 1: What is your required annual contribution (before taxes), based on these forecasts?

Reference no: EM132777145

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