Taylor would like to retire on December 31, 2024, and take a trip around the world. In order to do this, she feels she must accumulate $200,000 in her retirement account by that date. She is willing to deposit a certain amount each year into her retirement account, which earns 12% interest compounded annually. Taylor will make the first deposit on December 31, 2015, and the last deposit on December 31, 2024.
Required:
Determine the amount Taylor must deposit into her retirement account each year. Clearly label all work.

Question

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The Answer of Taylor would like to retire on December 31, 2024, and take a trip around the world. In order to do this, she feels she must accumulate $200,000 in her retirement account by that date. She is willing to deposit a certain amount each year into her retirement account, which earns 12% interest compounded annually. Taylor will make the first deposit on December 31, 2015, and the last deposit on December 31, 2024.
Required:
Determine the amount Taylor must deposit into her retirement account each year. Clearly label all work.

Taylor Would Like to Retire on December 31, 2024, and Take