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?© BrainMass Inc. brainmass.com June 3, 2020, 6:34 pm ad1c9bdddf
We need to find the annuity amount that would grow to 500,000 in 40 years at 6% per year. The future ...
The solution explains how to calculate yearly savings so as to reach the goal of retirement amount.