Retirement Savings
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You believe you will need to have saved $500,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 6 percent per year, how much must you save each year to meet your retirement goal?
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Solution Summary
The solution explains how to calculate yearly savings so as to reach the goal of retirement amount.
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We need to find the annuity amount that would grow to 500,000 in 40 years at 6% per year. The future ...
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