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Creating A Retirement Fund Personal Finance Problem To Supplement Your Retirement You Estimate That You Need To

Question

Creating a retirement fund Personal Finance Problem: To supplement your retirement, you estimate that you need to

accumulate $280,000 exactly 44 years from today. You plan to make equal, end of year deposits into an account paying 12% annual interest.

a. How large must the annual deposits be to create the $280,000 fund by the end of 44 years?

b. If you can afford to deposit only $180 per year into the account, how much will you have accumulated 44 years?

Finance