How much does parker need to save each year

Reference no: EM132182273

Question - Parker has nothing saved for retirement. Parker wants to receive 51,570 dollars per year for 7 years during retirement. The first of these payments will be received in 5 years. Parker can earn a return of 13.03 percent per year. How much does Parker need to save each year for 4 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?

Reference no: EM132182273

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