In Their Meeting with Their Advisor,Mr

Essay

In their meeting with their advisor,Mr.and Mrs.O'Rourke concluded that they would need $40,000 per year during their retirement years in order to live comfortably.They will retire 10 years from now and expect a 20-year retirement period.How much should Mr.and Mrs.O'Rourke deposit now in a bank account paying 9 percent to reach financial happiness during retirement? Assume that once they retire,the O'Rourkes will withdraw $40,000 from their retirement account at the end of each year.