You are 25 years old and need to have $1,000,000 in savings before you retire at age

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You are 25 years old and need to have $1,000,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on investments.

a. How much do you need to put into retirement savings on an annual basis?

b. How much do you need to put into retirement savings on an annual basis if you get an annual return of 10%?

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Personal Finance Building Your Future

ISBN: 978-0073530659

1st edition

Authors: Robert B. Walker, Kristy P. Walker

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Question Posted: Apr 18, 2018 09:32 AM

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You are 25 years old and need to have $1,000,000 in savings before you retire at age

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Step by Step Answer:

a You can use a financial calculator use the tables for FVIFA or use the formula Using a f...View the full answer

Personal Finance Building Your Future

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