Teresa Would Like to Retire on December 31, 2020, and Take

Essay

Teresa would like to retire on December 31, 2020, 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.Teresa will make the first deposit on December 31, 2011, and the last deposit on December 31, 2020.
Required:
Determine the amount Teresa must deposit into her retirement account each year.Clearly label all work.