Consider a person who begins contributing to a retirement plan at age 2 5 and contributes for
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Question:
Consider a person who begins contributing to a retirement plan at age and contributes for years until retirement at age For the first years, she contributes $ per month. She increases the contribution rate to $ per month in years through This is followed by increases to $ per month in years through and to $ per month for the last years. This money earns a percent return.
First compute the value of the retirement plan when she turns age
Compute the monthly payment she would receive over the next years if the wealth was converted to an annuity payment at percent.
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