Susan Robinson is planning for her retirement. She is 30 years old today and would like to have $600,000 when she turns 55.
She estimates that she will be able to earn a 9 percent rate of return on her retirement investments over time; she wants to set aside a constant amount of money every year (at the end of the year) to help achieve her objective.
How much money must Robinson invest at the end of each of the next 25 years to realize her goal of $600,000 at the end of that time?