Assume your goal in life is to retire with $ 3 comma 200 comma 000. How much would you need to save at the end of each year if interest rates average 9% and you have a 10minusyear work life? (Round the final answer to the nearest whole dollar.)

$291,200

Explanation:

Amount intended to retire with = $3,200,000

Average interest amount if average interest rate for 10years of work is 9% since I have 10years of work life = 9% of $3,200,000

= $288,000

Total amount generated after 10years without interest = initial amount intended - interest

= $3,200,000-$288,000

= $2,912,000

Amount needed to save at the end of each year will be;

Total amount generated after 10years without interest/total number of years

= $2,912,000/10

= $291,200

a

explanation:

reducti0n

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