Joan Is 75 Years Old and Wishes to Retire

Short Answer

Joan is 75 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 15 years.How much must be in the fund if she takes the first payment at year-end?