How much must set aside each year for retirement

Reference no: EM131954942

Question: Carol Calc plans on retiring on her 60th birthday. She wants to put the same amount of funds aside each year for the next twenty years -- starting next year -- so that she will be able to withdraw $50,000 per year for twenty years once she retires, with the first withdrawal on her 61st birthday. Carol is 20 years old today. How much must she set aside each year for her retirement if she can earn 10% on her funds?

Reference no: EM131954942

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