SOLUTION: I plan to retire at age of 70, at which time i will withdraw 5000 per month for 20 yrs frm my retitement savings .i also wnt to recieve a final payment of 8000 for a 90th birthday

Question 981336: I plan to retire at age of 70, at which time i will withdraw 5000 per month for 20 yrs frm my retitement savings .i also wnt to recieve a final payment of 8000 for a 90th birthday trip to hawaii. Assuming that my funds are invested at 4.7% interest , compounded mnyhly ,how much must i have accumulasted in my retirement savings ?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
I plan to retire at age of 70, at which time i will withdraw 5000 per month for 20 yrs frm my retirement savings .i also wnt to receive a final payment of 8000 for a 90th birthday trip to hawaii. Assuming that my funds are invested at 4.7% interest , compounded mnyhly ,how much must i have accumulated in my retirement savings ?
:
Using the finance feature on my Ti83, I got $771,905.73 required
that is using 239 months (20 yrs - 1 month) and a final value of $8000
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