Today Is Your Birthday and You Decide to Start Saving

question 10

Essay

Today is your birthday and you decide to start saving for your retirement. You will retire on your 65th birthday
and will need $50,000 per year at the end of each of following 20 years. You will make a first deposit one year
from today in an account paying 8% interest annually and continue to make an equal amount of deposit each
year up to the year before you plan to retire. If an annual deposit of $6,715 will allow you to reach your goal,
what birthday are you celebrating today?

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Definitions:

Magnesium

A chemical element with the symbol Mg and atomic number 12, essential for all cells and a necessary component of hundreds of enzymes.

Calcium

A chemical element essential for living organisms, notably in cell signaling, muscle function, and bone strength.

Vitamin K

A fat-soluble vitamin necessary for the synthesis of proteins involved in blood clotting and bone metabolism.

Nerve Damage

Injury to nervous tissue that can result in loss of function, feeling, or mobility in the affected area.