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Money for your two dream vacations

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Reference no: EM131214022

You want to save some money for your two dream vacations as well as have some money available during your retirement years. Today is your 35th birthday. You want to make annual deposit of $10,000 starting on your 40th birthday, all the way to your 65th birthday. (Please note your last deposit in on your 65th birthday). Your first vacation (to Thailand) will occur on your 50th birthday where you need to withdraw $15,000 for that trip (on your 50th birthday). Similarly, your second vacation (to Australia) will occur on your 60th birthday where you need to withdraw $20,000 for that trip (on your 60th birthday). If your bank pays special interest of 6%, compounded annually on these deposits. How much will be available in your account on your 66th birthday (after you accounted for two withdrawals on your 50th birthday and 60th birthday)?

Reference no: EM131214022

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