Tom wants to retire at the end of this year 2017 his life, Accounting Basics

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Tom wants to retire at the end of this year 2017 his life

Question: Tom wants to retire at the end of this year (2017). His life expectancy is 20 years from his retirement Tom has come to you, his CPA, to learn how much he should deposit on December 31, 2017 to be able to withdraw $60,000 at the end of each year for the next 20 years, assuming the amount on deposit will earn 8% interest annually.

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Accounting Basics: Tom wants to retire at the end of this year 2017 his life

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