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How much should anshul deposit today in an account

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Problem 1: Anshul is 30 years old today and will retire at age 65. He will receive retirement benefits from government when he retires, but the benefits are not going to be enough to make a comfortable retirement life for him. He has estimated that an additional $25,000 a year over his retirement benefits will allow him to have a satisfactory retirement life. How much should Anshul deposit today in an account paying 7 percent interest to meet his goal of having additional $25,000 a year in his retirement? Assume Anshul will have 15 years of retirement.

Reference no: EM132841292

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