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How many years will it take until you exhaust your savings

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Problem - You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. You think you can earn 10% per year on your investments and you plan to retire in 43 years, immediately after making your last $5,000 investment.

If, instead, you decide to withdraw $300,000 per year in retirement, how many years will it take until you exhaust your savings?

Assuming the most you can afford to save is $1,000 per year, but you want to retire with $1 million in your investment account, how high a return do you need to earn on your investments?

Reference no: EM132947084

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