You just turned 25 you want to save equal amount of money


You just turned 25. You want to save equal amount of money every year for the next 40 years so that by the time you are 65 you will have accumulated enough money that you can withdraw $60,000 a year for the next 25 years. (You make your first deposit a year from now and your last one at age 65. You take your first withdrawal when you are 66 years old and the last when you are 90.) How much do you have to save each of the first 40 years? Assume i=8%.

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Finance Basics: You just turned 25 you want to save equal amount of money
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