Kendra wants to be able to make withdrawals of $60,000 a year for 30 years after retiring in 35 years. How much will she have to save each year up until retirement if her account earns 7% interest?

Question

anonymous · Answer

I am just wondering is this an inequality?

anonymous · Answer

Ok so this is what I believe it is.

We need to make this into an equation I believe this is a greater than or equal to problem.

So I made an equation

35(1.07x)>or=60000*30
      1.07 for interest
37.45x=1800000 simplified
You want x alone so you divide 37.45 from each side
37.45x=1800000
/37.45    /37.45
x=48064.09
So she would need to save $48,064.09

anonymous · Answer

Do you understand this?