Irene plans to retire on January 1, 2020. She has been preparing to retire by making annual deposits, starting on Januar
Posted: Sun Jun 05, 2022 10:12 am
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?
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?