You are planning to retire in twenty years

We can calculate the present value by using the following formula in excel:-

=-pv(rate,nper,pmt,fv)

Here,

PV = Present value

Rate = 9%

Nper = 10 periods

Pmt = $10,000

FV = $0

Substituting the values in formula:

= -pv(9%,10,10000,0)

= $64,176.58

If he have $64,176.58 in his account at the time of retirement, he can receive $10,000 over the next 10 years.

We can calculate the annual deposits by using the following formula in excel:-

=pmt(rate,nper,pv,-fv)

Here,

Pmt = Annual deposits

Rate = 9%

Nper = 20 periods

PV = $0

FV = $64,176.58

Substituting the values in formula:

= pmt(9%,20,0,-64176.58)

= $1,254.43

If he deposits $1,254.43 over the next 20 years, he can have $64,176.58 at the time of retirement.

So, you have to pay $1,254.43 in equal annual deposits to meet the goal.