Planning for retirement
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A woman is planning for her golden years. She will retire in 20 years, at which time she plans to begin withdrawing $60,000 annually. She is expected to live for 20 years following her retirement. Her financial advisor thinks she can earn 9% annually. How much does she need to invest each year to prepare for her financial needs after her retirement?
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Solution Summary
The solution explains how to determine the annual savings needed to have the desired amount at retirement
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What she needs to invest should be such that the future value of the savings is enough to pay for the retirement. In retirement she needs $60,000 per year for 20 years. At the time of retirement the total savings should be ...
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