What amount must she deposit annually

Reference no: EM133268888

Question - Your friend is celebrating her 20th birthday today and want to start saving for her anticipated retirement at age 60. She want to be able to withdraw 30,000 Baht from her saving account on each birthday for 20 years following her retirement: the first withdraw will be on her 61* birthday. Your friend intend to save her money in the bank that promises 10 percent interest per year by making equal annual deposits on each birthday. If she starts making these deposits on her 21# birthday and continues to make deposit until she is 60 (the last deposit will be on her 60th birthday) what amount must she deposit annually to be able to make the desired withdrawals at retirement?

Reference no: EM133268888

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