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TVM - retirement planning

You are planning your retirement and you come to the conclusion that you need to have saved $1,250,000 in 30 years. You can invest into an retirement account that guarantees you a 5% annual return. How much do you have to put into your account at the end of each year to reach your retirement goal?

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See attached Excel file.

You are planning your retirement and you come to the conclusion that you need to have saved $1,250,000 in 30 years. You can invest into an retirement account ...

Solution Summary

Calculates the value of an annuity to reach a retirement goal.

$2.19