Ralph is 30 years old today and is beginning to plan for her retirement. She...
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Ralph is 30 years old today and is beginning to plan for her retirement. She wants to set aside an equal amount at the end of each of the next 30 years so that she can retire at age 60. She expects to live to an age of 90 and wants to be able to withdraw $48,000 per year from the account on her 61st through 90th birthdays (for 30 years). The account is expected to earn 8 interest per year for the entire period of time. Determine the size of the annual deposits that she must make
a.
$4770.11
b.
$5,679.33
c.
$6,305.62
d.
$3,695.83
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