Vernon has nothing saved for retirement. He wants to receive $46,000 per year for 5 years during retirement. The first of these payments will be received in 5 years. Vernon can earn a return of 15.30 percent per year. How much does Vernon need to save each year for 5 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution in 1 year and all savings contributions are equal? $19,578.62 (plus or minus 10 dollars) $26,027.99 (plus or minus 10 dollars) $22,574.14 (plus or minus 10 dollars) $20,014.80 (plus or minus 10 dollars) none of the answers are within 10 dollars of the correct answer
Vernon has nothing saved for retirement. He wants to receive $46,000 per year for 5 years during retirement. The first of these payments will be received in 5 years. Vernon can earn a return of 15.30 percent per year. How much does Vernon need to save each year for 5 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution in 1 year and all savings contributions are equal? $19,578.62 (plus or minus 10 dollars) $26,027.99 (plus or minus 10 dollars) $22,574.14 (plus or minus 10 dollars) $20,014.80 (plus or minus 10 dollars) none of the answers are within 10 dollars of the correct answer
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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