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Brian you recently answered this question for me :
You are currently 30 years old. You intend to retire at age 60, and you want to be able to receive a 20-year, $100,000 beginning-of-the-year annuity, with the first payment to be received on your 60th birthday. You would like to save enough
What equal, annual amount must you save at the end of each of the next 15 years to achieve your objective, assuming you currently have $10,000 available to meet your goal? Assume the conditions stated in section A
your answer;A. PVAN 0 = 100,000(PVAN 12%, 20 )(1+0.1)
=100,000(8.514) (1.1) ( I need to know how you arrived at the 8.514 and do you have an example for putting it into excel?
=936,540PV=936,540(PVIF 10%,15 )=223,833Due to above calculation, when the age is at 45, the PV is 223,833.b. PV=223,833(PVIF 12%,15 )=223,833*0.183 = 40,96130,961= PMT (PVIFA 12%,15 )PMT=4,546
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