Retirement account is expected to earn annual interest

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You are 50 and saving for retirement. You determine that you will need $50,000 a per year from the time you turn 65 until you turn 90 (that is, you retire and take your first payment at t=65, and your last at t=90). You plan on saving by putting equal amounts into your retirement account each year, starting next year (t=51), and continuing for the following 15 years. How much do you need to save each of the 15 years if your retirement account is expected to earn 10% annual interest?

Reference no: EM131989895

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