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Determining the closest value

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After retirement, you expect to be incomeless for 3 years. After enjoying the three years of free (incomeless) time, you plan to start your business and will start having income again. You are already prepared to finance the new business, so you need to save for consumption for the 3 years of retirement only. If you would like to consume $75,000 each year from the moment you retire for three years, how much should you have saved in your retirement account to receive at the time of retirement? Assume the annual interest rate is 9 percent per year and that the payments start on the day of your retirement.

What's the closest value.

Reference no: EM132740091

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