You plan on retiring in 25 years. In order to increase your retirement income, you open a retirement account today, and make a $20,000 deposit. In addition, you will deposit $5,000 every year for the
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You plan on retiring in 25 years. In order to increase your retirement income, you open a retirement account today, and make a $20,000 deposit. In addition, you will deposit $5,000 every year for the next 25 years. Your plan is to start making annual withdrawals of $50,000 from the account, after you retire. Assuming the account is earning 7% rate of interest, how many years will it take, after you retire, before the funds in your account are completely exhausted? Please include a written answer in a text box. (assume annual compounding)
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