311.3
You want to have an income of $100,000 per year for 20 years when you retire. If you are 25 now, how much do you have to invest per year to reach your retirement goal? Assume that you will make your first deposit one year from now when you turn 26 and you will continue until you turn 65. You will withdraw your first $100,000 cash flow when you turn 66. Assume an interest rate of 12% per year throughout this problem. (2pts)