Question

You are planning to retire in 30 years. You would like to have $300,000 by your...

You are planning to retire in 30 years. You would like to have $300,000 by your retirement date (30 years from today) to support your remaining life. How much should you save at the end of each year between now and then to meet this objective, assuming a 3% interest rate (annual compounding)?

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a

$3,596

b

$5,349

c

$6,306

d

$7,395

e

$10,698

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Homework Answers

Answer #1

Ans is c.$ 6,306

Calculations-

As no method was mentioned I have solved the problem using excel function.

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

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