Question:

You want to be able to withdraw $50,000 from your account

Last updated: 7/8/2022

You want to be able to withdraw $50,000 from your account

You want to be able to withdraw $50,000 from your account each year for 25 years after you retire. You expect to retire in 20 years. If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals? $ Round your answer to the nearest cent.