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Suppose you are planning to start investing in retirement fund with equal payments one year from today
Suppose you are planning to start investing in retirement fund with equal payments one year from today. Suppose that you plan to make your last payment 19 years from today and start to recieve annual payments 20 years later. If you plan to recieve annual payments of $89,000 dollars each year for a total of 14 years how much should you investeach year using interest rate of 497 Yanitiniz: $940.118 $33,975 O $25,821 551,395 O 541,109 $65,579 $45,029 $89,000 $42.243 Yani temizle
Expert Solution
first calculate the value gathered at the end of 19 years
FV = 0, PMT = 89,000, N = 14, rate = 4%
use PV function in Excel
value at the end of 19 years = 940,117.94
FV = 940,117.94, PV = 0, rate = 4%, n = 19
use PMT function in Excel
annual payments = 33,975
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