Joan is 70 years old and wishes to retire.She needs to have $48,000 a year plus her social security to live in the style she is accustomed to.She would like to have enough money in her retirement account,which earns 5% compounded annually,to support her for the next 20 years.How much must be in the fund if she takes the first payment at year-end?

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The Answer of Joan is 70 years old and wishes to retire.She needs to have $48,000 a year plus her social security to live in the style she is accustomed to.She would like to have enough money in her retirement account,which earns 5% compounded annually,to support her for the next 20 years.How much must be in the fund if she takes the first payment at year-end?

Joan Is 70 Years Old and Wishes to Retire