You believe you will need to have saved $430,000 by the time you retire in 30 ye

Question

You believe you will need to have saved $430,000 by the time you retire in 30 years in order to live comfortably. If the interest rate is 5% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

You believe you will need to have saved $430,000 by the time you retire in 30 years in order to live comfortably. If the interest rate is 5% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Explanation / Answer

430000= Annual savingsxPVIFA(5%,30)

Annual savings= 430000/15.3725

Annual savings= $27972.12

Related Questions

Navigate

• Browse (All)
• Browse Y
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.