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What if mary starts making the deposits in one year

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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: What if Mary starts making these deposits in one year when she turns 40 years old and only has 20 years left to retirement, what amount must she deposit annually to be able to make the same desired withdrawals?

Reference no: EM132496408

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