About the retirement planning

Assignment Help Financial Management

Reference no: EM13943074

On your very first day, Bill asks you to help him with his retirement planning. Bill is now 50 years old and plans to retire in 10 years. He wants to have a total of $400,000 in savings in 10 years when he retires. He currently has $100,000 saved up; and he expects to earn a return on his savings of 8 percent per year, annual compounding. To the nearest dollar, how much must Bill save during each of the next 10 years (with deposits being made at the end of each year) to meet his retirement goal?

Reference no: EM13943074

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