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Define what you must deposit each year

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Question: Assume that you plan to retire 40 years from now and that you expect to need $2M to support the lifestyle that you want.

(a) If the interest rate is 10%, is the following statement approximately true? "Waiting 5 years to start saving double is what you must deposit each year."

(b) If the interest rate is 12%,is the required multiplier higher or lower than for the 5% rate in (a)?

(c) At what interest rate is the following statement exactly true? "Waiting 5 years to start saving doubles what you must deposit each year

Reference no: EM132158669

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