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Make the desired withdrawals on retirement

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Your cousin, Sam is celebrating her 35th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $10,000 from her savings account on each birthday for 10 years following her retirement; the first withdrawal will be on her 66th birthday. She intends to invest her money in a local bank at 9% per year, and wants to make equal, annual payments into the account on each birthday. If Sam starts making these deposits on her 36th birthday and continues to make deposits until she is 65 (the last deposit will be on her 65th birthday), what amount must she deposit annually to be able to make the desired withdrawals on retirement?

Reference no: EM132618701

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