How much to contribute each year to fund retirement

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You have just turned 22 years-old, have just accept the first job. Now you should decide how much money to put into retirement plan. Plan works as follows: Every dollar in plan earns 7% per year. You can't make withdraws until you retire on sixty-fifth birthday. After that period, you can make withdraws as you see fit. You make decision which you will plan to live to 105 and work until you turn 65. You estimate that to live comfortably in retirement, you will require $95,000 per year, starting at the end of first year of retirement and ending on one-hundred-and-fifth birthday. You will contribute same amount to plan at the end of every year that you work. How much do you require to contribute each year to fund retirement?

Reference no: EM1391697

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