Question 7 You have decided to retire in 38 years and you want to have $2,100,000 in the bank at that point. You currently have $26,500 in the bank. The bank is paying 3.50% interest, compounded yearly. How much money do you need to deposit in your bank account each year in order to meet your retirement goal?

Question 7 You have decided to retire in 38 years and you want to have $2,100,000 in the bank at that point. You currently have $26,500 in the bank. The bank is paying 3.50% interest, compounded yearly. How much money do you need to deposit in your bank account each year in order to meet your retirement goal?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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