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How much should you deposit annually over the 30-year

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You wish to save money to provide for retirement. Beginning one year from now, you will begin depositing a fixed amount into a retirement savings account that will earn 8% annually. You will make 30 such deposits. Then, one year after making the final deposit, you will withdraw $100,000 annually for 20 years (no more deposits). You wish to have $50,000 left in the account after the 20-year retirement period ends (note that this final cash flow has the same sign as the annual withdrawals). The fund will earn 6% annually during the 20-year retirement period. How much should you deposit annually over the 30-year savings period?

Reference no: EM132376834

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