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22. Assume that I plan to retire in 20 years, and that I expect to live for another 25 years after I retire. I want
22. Assume that I plan to retire in 20 years, and that I expect to live for another 25 years after I retire. I want a fixed retirement income of $75,000 cash money per year. My retirement income will begin exactly 12 months (1 year) after I retire; after that payment, I want to receive 24 additional annual payments at the end of each year. I currently have $100,000 saved; I expect to earn a return on my savings of 6% per year, with annual compounding (11 points) (A) How much must I save during each of the next 20 years (with deposits being made at the end of each year) to meet my retirement goal? Bold How much will I have saved when I retire? (B)
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