Retirement math question

Question

You want to be able to withdraw 25,000 from your account each year for 20 years after you retire. You expect to retire in 30 years. If your account earns 8% interest how much will you need to deposit each year until retirement to achieve your retirement goals?

Answer 1

I used an interest formula: fv=p*(1+int/c)^(n*t).

=49,680*(1+.08/1)^(30*1)=$49,917.

fv future value

c compound

p principal

interest

n years

t/y times/yr