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What level savings amount mike and sylvia need to deposit

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Question - Mike and Sylvia plan to retire in 20 years and need to save an additional $500,000 (in first-retirement-year dollars) to build a sufficient retirement fund to support their targeted retirement lifestyle. They expect to earn 7% after-tax return on their retirement savings and want to assume a 5% long-term inflation rate. Their preference is to allocate a LEVEL annual savings amount to build this retirement fund. What level savings amount will Mike and Sylvia need to deposit at the end of each year?

Reference no: EM133099933

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