How much you can save under each plan for retirement date

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Reference no: EM131488001

Question: (Future value) Pension fund offers two types of plans for retirement, which is 25 years away. Plan 1 requires you to have a deposit of $1,000 each year during the first 10 years-a total of $10,000, after which Pension fund will keep the sum for the remaining 15 years. With Plan 2 you do not need to deposit anything for the first 10 years, but will have to deposit $1,000 for the remaining 15 years-a total of $15,000. How much you can save under each plan for your retirement date, if the annual return you receive is 6 percent?

Reference no: EM131488001

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