How much will person have to have at retirement to meet goal, Financial Accounting

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How much will person have to have at retirement to meet goal

Problem

A person plans to retire at 67 and live until 91. During retirement, the person will take a growing annuity from the retirement account. The amount in the first year will be $94,000 with a 2% growth rate.

The return on savings after retirement is 7%. The person would like to leave a $300,000 donation to charity at the time of death.

How much will the person have to have at retirement to meet this goal?

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Financial Accounting: How much will person have to have at retirement to meet goal

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Financial Accounting: How much will person have to have at retirement to meet goal

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