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Calculate the amount of annual deposit needed to support her

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Question: Today is your friend's 25th birthday, and she would like to start planning for her retirement. Starting her 66th birthday, she would like to withdraw $50,000 per year for 30 years. To support her retirement needs, she will be depositing money into an investment account on an annual basis. Her first deposit will be on her 26th birthday, while her last deposit will be on her 65th birthday. The interest rate is expected to remain constant at 5% per year compounded annually. Calculate the amount of annual deposit needed to support her retirement needs. Show your calculation.

Reference no: EM133633157

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