Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on Januar

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answerhappygod
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Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on Januar

Post by answerhappygod »

Irene plans to retire on January 1, 2020. She has been preparing
to retire by making annual deposits, starting on January 1, 1980,
of $2100 into an account that pays 8% compounded annually. She
continued this practice every year through January 1, 2001. If her
goal is to have $1.45 million saved at the time of her retirement,
how large should her annual deposits be from January 1, 2002 until
January 1, 2020 so that she can reach her goal?
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