Problem:
John Adams Plans to retire at the age of 62. He wants an annual income of $50000 per year. John is currently is currently 47 years of age. How much does he share to place at the end of each year into a retirement account earning 15% per year in order to have an adequate retirement nest egg at age 62? He believes that he will live to be 87 and plans to earn 12% during retirement. He will draw money at beginning of each year.
Additional Information:
Basically this question belongs to Finance as well as it is about a condition where a person plans to retire by the age of 62. He wants to earn annual income of $50000 per year after retirement. Right now, the person is 47 years old and question is how much does the person needs to save for his retirement has been computed.