Author Question: Using the Time Value of Money charts provided, answer the following question. (Note to Instructors: ... (Read 203 times)

CQXA · **on:** Apr 12, 2019

Using the Time Value of Money charts provided, answer the following question.

(Note to Instructors: Provide the appropriate tables to students from Personal Finance, Sixth Edition, Appendix C: Financial Tables.)

Jack is 35 years old and is planning to retire at age 65. Based on a variety of factors, he is planning a retirement of 20 years. Jack determines that he will need $20,000 per year during his 20 years of retirement. If he can invest at 9%, how much will he need to save each year beginning today to reach his goal?

◦ $11,428.57
◦ $6,086.00
◦ $1,339.47
◦ $20,000.00

Jbrasil · **Reply #1 on:** Apr 12, 2019

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