Mr jones intends to retire in 20 years at the age of 65 as, Ask an Expert

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Mr. Jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a periodic savings plan to do this. If he makes equal annual payments into a savings account that pays 4 percent interest per year, how large must his payments be to ensure that after retirement he will be able to draw $30,000 per year from this account until he is 80?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9953529

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