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What amount must deposit annually to be able to make

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Your friend, Mary Jones, is celebrating her 30th birthday and wants to start saving for her anticipated retirement. She has the following years to retirement and retirement spending goals, which are as follows:

Years until retirement: 30

Amount to withdraw each year upon retirement: $90,000

Years to withdraw in retirement: 20

Interest rate: 5%

  • Mary is planning to make equal annual deposits into her retirement account, while her first withdrawal will take place one year after her last deposit.

Question 1: Does that mean she will need to deposit annually to be able to make the desired withdrawals at retirement, it is $16,881.67?

Question 2: The question: if Mary starts making these deposits in one year and makes her last deposit on the day she retires, what amount must she deposit annually to be able to make the desired withdrawals at retirement?

Reference no: EM132496406

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