Cervantes Mullins
05/10/2024 · High School
You want to be able to withdraw \( \$ 50,000 \) from your account each year for 15 years after you retire. You expect to retire in 25 years. If your account earns \( 10 \% \) interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
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You need to deposit approximately $453,852 each year until retirement to achieve your goal of withdrawing $50,000 annually for 15 years, with a 10% interest rate.
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