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How much will you have to save each year

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Question - Suppose that you are planning for retirement. You want to have exactly $4 million dollars when you retire. You just turned 26 and plan to retire on your 65th birthday. For the next 15 years, you can save $10,000 per year (with the first deposit being made one year from now), and at the end of that time (t=15) you plan to buy a car for your child as a gift that will cost $50,000. How much will you have to save each year in years 16 until retirement so that you meet your retirement goal? Assume the discount rate is 10 percent per year.

Reference no: EM132972240

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