Math Problem Statement
You would like to have enough money saved to receive a $65,340 per year after retirement in perpetuity. How much would you need to have saved in your retirement fund to achieve this goal? Assume that the perpetuity payments start on the day of your retirement. The annual interest rate is 9%.
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Perpetuity
Present Value
Formulas
Present Value of Perpetuity PV = P / r
Theorems
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Suitable Grade Level
Professional
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