Reference no: EM132013363

Abebi, who has just celebrated her 30th birthday, will retire on her 62nd birthday, and she has just set up a retirement plan to pay her income starting on her retirement day, and to continue paying for 19 more years. Abebi's goal is to receive $120,000 for each of these twenty years. In creating her retirement account, Abebi has committed to set aside equal investments at the end of each year, for the next 31 years starting on her 31st birthday. If the annual interest rate is 8%, how big should Abebi's equal investments be? (Enter just the number in dollars without the $ sign or a comma and round off decimals to the closest integer, i.e., rounding $30.49 down to $30 and rounding $30.50 up to $31.)