1. Marcy is 45 years old. Her portfolio for retirement is currently valued at $260,000, and she saves 10% of her $70,000 salary. She has determined that she will need $1.2 million at retirement to meet her needs, and she will retire at age 62. What rate of return must Marcy earn to meet her goals?

Group of answer choices

8.01%

7.20%

10.50%

6.89%

2. Kellie saves 6% of her $100,000 salary to her 401(k) plan each year. In addition, she saves $200/month to her Roth IRA. Kellie currently has $150,000 in investments and expects to earn 8.5% per year. She will retire in 22 years. How much will Kellie have in her portfolio at retirement?

Group of answer choices

$1,398,604

$495,899

$1,522,959

$960,499

3. Jordan is 55 and wants to retire in 12 years. His family has a history of living well into their 90s. Therefore, he estimates that he will live to age 97. He currently has a salary of $100,000 and expects that he will need about 82% of that amount annually if he were retired. He can earn 9 percent in his portfolio and expects inflation to continue at 3 percent. Jordan currently has $325,000 invested for his retirement. His Social Security benefit in todays dollars is $30,000 per year at normal age retirement of age 67. How much does he need to save each year at year end to meet his retirement goals?

Group of answer choices

$6,245

$7,659

$8,432

$9,252