You want enough in your retirement account to generate cash flows of $63,000 per year for...
You want enough in your retirement account to generate cash flows of $63,000 per year for 28 years after you retire. The first payment will occur exactly one year after retirement. How much do you need to have saved up by the time you retire to generate these case flows? Your retirement account earns 3.8% per year. Round your answer to the nearest dollar.
Homework Answers
This is like a 28 year ordinary annuity of $63,000 with 3.8% interest rate, for which we need to calculate the PV.
PV of an ordinary annuity is mathematically represented as:
PV = 63,000 * 0.6481/0.038
PV = $1,074,407.91 = $1,074,408---> Answer
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