You have just turned 40 years old and intend to retire at ag…
You have just turned 40 years old and intend to retire at age 65. To make your retirement easier, you intend to start a retirement account: Until you turn 65, you intend to make a deposit into the retirement account at the beginning of each year, starting today. In other words, you will make 25 deposits at the beginning of each year for the next 25 years. You think that the account will earn 9% per year. After retirement at age 65, you want to be able to withdraw $90,000 from your retirement account at the beginning of each year for 20 years. Your account balances will continue to earn 9%. How much should you deposit annually in the account to be able to cover your future withdrawals? Round your answer to the nearest cent and enter your answer without either the dollar sign or the thousands separator. For example, if the answer is $1,234.567, enter it as 1234.57. Answer: