23 39 40 r=6% C-? 60. Retirement Savings. You believe you will need to have saved $500,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 6% per year, how much must you save each year to meet your retirement goal? (L03) 12. Income Statement. Sheryl's Shipping had sales last year of $10,000. The cost of goods sold was $6,500, general and administrative expenses were $1,000, interest expenses were $500, and depreciation was $1,000. The firm's tax rate is 35%. (LOI) a. What are earnings before interest and taxes? EBIT b. What is net income? non-cash expense c. What is cash flow from operations