You plan on retiring in 35 years to support your retirement

Reference no: EM13617393

You plan on retiring in 35 years. To support your retirement you want to be able to make 30 annual withdrawls of $100,000 each year with the first withdrawl in the day you retire. If you can earn 5.5% on your retirement account for the next 64 years:

A) How large of a deposit do you have to make today to be able to achieve your retirement goal?

B) If you decide to save for your retirement by making annual deposits instead of a lump sum today, how much should your annual deposit be, if your first deposit was made today and your last deposit is made one year before you retire?

Reference no: EM13617393

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