Amanda C asked:


You are 30 and plan to retire on your 60th birthday. You want to establish a plan that will require a series of equal, annual, end-of-year deposits into the retirement account. The first deposit will be made in one year from today on your 31st birthday. The final payment on the account will be made on your 60th birthday. The retirement plan will allow you to withdra $120,000 per year for 15yr.s with th first withdrawl on your 61st birthday. Also, at the end of the 15th yr. you wish to withdraw an additional $250,000. The retirement sccount promises to earn 12% annually.
What periodic payment must be made into the account to achieve your retirement objective?
I need help on a formula to use for this.