Today is Derok's 25th birthday, Derek has been advised that he needs to have $3,098,188.00...
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Today is Derok's 25th birthday, Derek has been advised that he needs to have $3,098,188.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 6.00% interest. Assume he chooses not to deposit anything today, Rather he chooses to make annual deposits into the retirement account starting on his 29.00th birthday and ending on his 65th birthday. How much must those deposits be? Submit Answer format: Currency: Pound to: 2 decimal places. a Derek can deposit $11,000 on each binhday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday? 1 Submit Answer format: Percentage Round to: 4 decimal places (Extemple: 9.2434%, * sign required. WW accept decimal format rounded to 6 decimal places fex0,0924341) AL
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