finance

[shereen1989]

Charlie Stone wants to retire in 30 years, and he wants to have an annuity of $1,000 a year for 20 years after retirement. Charlie wants to receive the first annuity payment at the end of the 30th year. Using an interest rate of 10%, how much must Charlie invest today in order to have his retirement annuity (round to the nearest $10)?

[sara3]

I don't think the Homework Club is open at the weekend.

[factor-fiction]

Tell Charlie he's not going to be able to live on $1000 dollars a year so he should completely rethink his pension planning.

[Whoever]

Do your own homework. If you can't work this out for yourself, however will you be able to estimate how much you need to pay into your own pension fund to pay for your own retirement?