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2 . According to financial planners, the average retiree requires approximately 7 0 % of their last year s working salary each year to live

2. According to financial planners, the average retiree requires approximately 70% of their last years working salary each year to live comfortably in retirement. Assume that you want to earn a fixed amount of interest each year in retirement. Your goal is to spend only the interest and still live comfortably; thus, you will be able to spend the same amount of money each year foreve. Assume you retire at 66 and can earn a 6% return on your retirement savings, how much must You have saved to live only off the interest?

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