Katherina is currently 30 years old and plans to retire later in life.She would like to have an income of $35,000 per year during her retirement,which she anticipates will last for another 25 years.Assume that she receives the retirement income at the end of each of the 25 years.
Required:
Determine the amount of money Katherina will need to have accumulated by the time she starts her retirement.Assume a discount rate of 5%.

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The Answer of Katherina is currently 30 years old and plans to retire later in life.She would like to have an income of $35,000 per year during her retirement,which she anticipates will last for another 25 years.Assume that she receives the retirement income at the end of each of the 25 years.
Required:
Determine the amount of money Katherina will need to have accumulated by the time she starts her retirement.Assume a discount rate of 5%.

Katherina Is Currently 30 Years Old and Plans to Retire