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How much does marcy need to contribute to retirement fund

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Question: Marcy Johnson is planning for her golden years. The details of her retirement plans follow:

Time until retirement - 18yrs

Expected life span after retirement - 26yrs

Annual planned withdrawal from retirement fun (at the beginning of the year) - $63,000

Retirement savings already accumulated - $20,000

Expected annual interest rate before retirement - 10%

Expected annual interest rate after retirement - 8%

How much does Marcy need to contribute to her retirement fund at the end of each year in order to fund her retirement?

Reference no: EM132757508

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