Taylor and Ryan will be retiring in four years and would like to buy a house in the country.They estimate that they will need $550 000 at the end of four years to buy this house.They want to make four equal annual payments into an account at the end of each year.If they can earn 8% on their money, compounded annually, over the next four years, how much must they invest at the end of each year for the next four years to have accumulated $550 000 by retirement?

Question

Quizplus · Accepted Answer

The Answer of Taylor and Ryan will be retiring in four years and would like to buy a house in the country.They estimate that they will need $550 000 at the end of four years to buy this house.They want to make four equal annual payments into an account at the end of each year.If they can earn 8% on their money, compounded annually, over the next four years, how much must they invest at the end of each year for the next four years to have accumulated $550 000 by retirement?

Taylor and Ryan Will Be Retiring in Four Years and Would