Explore BrainMass

Explore BrainMass

    Retirement Savings

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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

    Solution Preview

    We need to find the annuity amount that would grow to 500,000 in 40 years at 6% per year. The future ...

    Solution Summary

    The solution explains how to calculate yearly savings so as to reach the goal of retirement amount.