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How much must julie save each year

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Question - Your friend Julie just turned 22 years old and wants to retire at when she turns 63. She was just hired by JP Morgan and plans to save $4,000 per year for the next 15 years. She wishes to have retirement income of $100,000 per year for her 20 years of retirement. Assume Julie's investments can earn 8% a year, as she shrewdly consults your Money and Banking notes through various market cycles. How much must Julie save each year for the time in between the first 15 years of saving and her planned retirement date?

Reference no: EM132968975

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