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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?

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Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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