You believe you will need to have saved $490,000 by the time you retire in 30 years in order to live comfortably. If the interest rate is 5% per year, how much must you save each year to meet your retirement goal?

Yearly savings =$7,375.20

Explanation:

The investment plan that enables you set aside an equal amount of money periodically earning a particular rate of rate to accumulate a target future sum is called a sinking fund.

A sinking fund is good and used for a retirement financial planning

To work out the equal periodic installment, we divide the target sum by a the future value of an annuity factor.

The future value of annuity factor is calculated as follows:

FVAF =( (1+r)^n  -1)/r

r - interest rate per anum, n number of years.

For this question, we can work out the factor as follows:

interest rate per anum= 5%

FVAF = ((1+0.5)^(30)- 1)/0.05

        =66.4388475

Yearly savings =  Future sum/ FVAF

                         =490000/66.4388

                         = $7375.203189

Yearly savings =$7,375.20

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