Retirement considering time value

Reference no: EM1316202

Calculation of amount required in retirement considering time value.

You are 40 years old and plan to retire in exactly 20 years. Starting 21 years from now you will need to withdraw $5,000 per year from your retirement fund to supplement your social security payment. If you expect to live to age eighty-five how much should you place in the retirement fund each year for the next 20 years to reach your retirement goal, assuming you can earn 12% per year on your retirement fund investment? Show your formulas and input

Reference no: EM1316202

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