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How much you deposit each year to meet your retirement goal

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Q1. You believe that you will need 69,461 dollars a year for 10 years in retirement. If you are 20 today, how much must you save each year to meet your retirement goal if you plan to retire at 65? (Assume a 8 percent annual interest rate and that your 1st deposit will be 1 year from now and that your 1st withdrawal will be 46 years from today)

Q2. You decide that you want to save 1,305,905 dollars for retirement. Assuming that you are 25 years old today, will retire at the age of 65, and can earn a 10 percent annual interest rate on your deposits, how much must you deposit each year to meet your retirement goal? (your first deposit will be one year from now and your last deposit will be 40 years from today, i.e. 40 deposits)

Reference no: EM131699557

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