Nico Is 30 Years Old and Will Retire at Age

Essay

Nico is 30 years old and will retire at age 65.He will receive retirement benefits,but the benefits are not going to be enough to make a comfortable retirement life for him.Nico has estimated that an additional $25,000 a year over his retirement benefits will allow him to have a satisfactory life.How much should Nico deposit today in an account paying 6 percent interest to meet his goal? Assume Nico will have 15 years of retirement.Assume that he withdraws $25,000 at the end of each year during retirement.