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Determining the investment advisor

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You are an investment advisor who has been approached by a client for help on his financial strategy. He has $250,000 in savings in the bank. He is fifty five years old, and expects to work for ten more years, making $100,000 a year. (He expects to make a return of 5% on his investments for the foreseeable future. You can ignore taxes)

a. Once he retires ten years from now, he would like to be able to withdraw $80,000 a year for the following twenty five years (His actuary has told him he will live to be ninety years old.).

How much would he need in the bank ten years from now to be able to do this?

Reference no: EM131212659

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