Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how much must you deposit each year into your reti

How much must you deposit each year into your retirement account starting now and continuing...

50.1K

Verified Solution

Question

Accounting

How much must you deposit each year into your retirement account starting now and continuing through year 11 if you want to be able to withdraw $85,000 per year forever, beginning 25 years from now? Assume the account earns interest at 13% per year. The amount to be deposited is determined to be $ ___.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

in a study of 140 women, the relationship between working status (full time, part time, not...

Statistics
Q

Question 3 The salesman from SuperFast Machines claims that if you trade-in your old machine for one...

Finance
Q

Compute the settling velocity for the following particles: very coarse sand ( diameter = 1.5 mm...

Civil Engineering
Q

Construct a simple graph that is a tree with vertices P Q R S T...

Basic Math
Q

Suppose that the efficacy of a certain drug is 0 59 Consider the sampling distribution...

Statistics
Q

10 a Find the critical points and draw the phase portrait for the autonomous DE...

Calculus
Q

function and check the graph with a graphing calculator Before doing so describe how the...

Algebra
Q

4 Find two values of that satisfy the equation 050 2m sin 3 5 Find...

Algebra
Q

Financial Statements and Closing Entries The Gorman Group is a financial planning services firm...

Accounting
Q

9 8 014100 Job Number 114711 Date started: 4/07/20x8 Date Completed: 4/22/20x8 Description:cherry kitchen cabinets...

Accounting
Q

The Mixing Department has 5,000 units in process at the end of August that are...

Accounting
Q

Cardinal Company is considering a five-year project that would require a $2,805,000 investment in equipment...

Accounting