Question

You are 37 years​ old, and decide to save $7,500 each year​ (with the first deposit one year from​ now), in an account paying 7% interest per year. You will make your last deposit 28 years from now when you retire at age 65. During​ retirement, you plan to withdraw funds from the account at the end of each year​ (so your first withdrawal is at age​ 66). What constant amount will you be able to withdraw each year if you want the funds to last until you are age 85​?

The total savings at age 65 is $_. (Round to the nearest​ dollar.)

Answer 1

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