## Math Problem Statement

You want to be able to withdraw $20,000 from your account each year for 15 years after you retire.

You expect to retire in 30 years.

If your account earns 9% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?

$

Round your answer to the nearest cent.

## Solution

## Ask a new question for Free

### By Image

Drop file here or Click Here to upload

## Math Problem Analysis

### Mathematical Concepts

Annuities

Present Value

Future Value

Compound Interest

### Formulas

Present Value of Annuity: PV = P × [(1 - (1 / (1 + r)^n)) / r]

Future Value of Annuity: FV = P × [(1 + r)^n - 1] / r

### Theorems

Present Value of an Annuity

Future Value of an Annuity

### Suitable Grade Level

College-level Finance or Advanced High School Math

## Related Recommendation

How Much to Deposit Annually to Withdraw $30,000 Annually for 20 Years at 8% Interest

Calculating Present Value for $20,000 Annual Withdrawals Over 20 Years at 6% Interest

Calculate Initial Amount Needed for 15-Year Annuity Withdrawal at 7% Interest

Present Value of an Annuity: How Much to Withdraw $45,000 for 30 Years at 5% Interest

How Much Do You Need to Withdraw $35,000 Annually for 15 Years at 7% Interest?