SOLUTION: Mr. and Mrs. Anderson want an annual retirement income of at least $24,000. How much must they have saved when they retire if they want to live off the interest without depleting a
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Question 260861: Mr. and Mrs. Anderson want an annual retirement income of at least $24,000. How much must they have saved when they retire if they want to live off the interest without depleting any principle, assuming they will earn 8% interest?
Answer by Greenfinch(383) (Show Source): You can put this solution on YOUR website!
If 8% gets $24 000, The 1% would provide $3000
So the principal needs to be 100 times that or $300,000
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