How much money must have on deposit in account

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Reference no: EM133155859

You want to retire at the age of 60.  Your goal is to receive annual annuity payments of $60,000 for 30 years.  Your plan is to invest in the stock market and your financial advisor has told you to expect a 6% annual return throughout your retirement (keep it simple and assume it is annual). How much money must you have on deposit in your account when you reach age 60 to achieve this goal?  Identify the following:

  • Rate per period:
  • Number of periods:
  • Table used:
  • Table value:

Reference no: EM133155859

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