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Determine the size of the annual deposits

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Problem - Kate is 28 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the end of each of the next 37 years so that she can retire at age 65. She expects to live to the maximum age at 90 and wants to be able to withdraw $250,000 per year for 25 years from the account on her 66th through 90th birthdays. The account is expected to earn 5% per annum for the entire period of time. Determine the size of the annual deposits that must be made by Kate.

Reference no: EM133035831

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