ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday and will need $70000 per year at the end of each of following 20 years. You will make a first deposit 1 year from today in an account paying 5% interest annually and continue to make an identical deposit each year up to and including the year you plan to retire. If an annual deposit of $6,800 will allow you to reach your goal, what birthday are you celebrating today?
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Transcribed Image Text:Today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday and will need $70000 per year at the end of each of following 20 years. You will make a first deposit 1 year from today in an account paying 5% interest annually and continue to make an identical deposit each year up to and including the year you plan to retire. If an annual deposit of $6,800 will allow you to reach your goal, what birthday are you celebrating today?
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