How much will be the amount of retirement

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Reference no: EM131868876

Suppose you want to guarantee for your son 5 equal retirements of 10000 per year starting from his 20th year anniversary. To accumulate this retirement, you plan to make 5 equal deposits of $R per year in your bank account that pay 8% annual interest. The first deposits starts when your Son reach 3rd anniversary, also you predict to add 3equal deposits of $2000 per year with First deposit being paid in his predict to add3 equal deposits of $2000 per year with first deposit being paid in his 10th anniversary. How much will be the amount R ? (Choose the 10th year as a reference year).

Reference no: EM131868876

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