Daria plans to retire in 20 years and wants to know how much she will need...
Daria plans to retire in 20 years and wants to know how much she will need to have in her account when she retires. She wants to be able to withdraw $5,000 per month for 25 years of retirement, and she expects her account to earn a nominal rate of 9 percent per year. Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
Homework Answers
Daria needs to have present value of the annuity of 25 years, PV is then calculated using the PV function as follows:
=PV(rate,nper,pmt)
=PV(9%/12,12*25,5000)
=595808.11
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