An engineer planning for retirement decides that she wants to have income of $100,000 per year for 20 years with the first withdrawal beginning 30 year from now. If her retirement account earns interest at 8% per year, the annual amount she would have to deposit 29 years beginning 1 year from now is.© BrainMass Inc. brainmass.com October 10, 2019, 1:38 am ad1c9bdddf
First calculate the value of funds needed to support the retirement annuity:
Since first payment is made at the beginning of 30th year, this is annuity in ...
Help is given to calculate the value of funds needed to support the retirement annuity.