You turned 22 today and you want to retire on your 58 th birthday. Starting with the day of your retirement, you would like to have a growing annuity ($40,000 payment on the day of your retirement and...


You turned 22 today and you want to retire on your 58th
birthday.    Starting with the day of your retirement, you would like to have a growing annuity ($40,000 payment on the day of your retirement and growing by 2% each year thereafter for a total of 29 years of payments).   You will start saving with equal annual deposits of $5,888.05 into an investment account beginning in one year from today and ending after 26 total deposits. Assume a discount rate of 7%.   As of the date of your 55th birthday, your plan is overfunding by how much?   Round to the nearest thousands of dollars and use the $ symbol.  No decimal places.



Jun 04, 2022
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