Question
Marcy Johnson is planning for her golden years. The details of her retirement plans follow: Time...
Marcy Johnson is planning for her golden years. The details of her retirement plans follow:
Time until retirement (in years) 19
Expected life span after retirement (in years) 28
Annual planned withdrawl from retirement fund (at the beginning of the year) $ 63,000.00
Retirement savings already accumulated $ 13,000.00
Before retirement interest rate 8%
during retirement interest rate 11%
How much does Marcy need to contribute to her retirement fund at the end of each year in order to fund her retirement?
Homework Answers
Answer #1
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
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