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Assume that you are 2 0 years old but decide to wait before saving for retirement. You decide to start saving later when you are
Assume that you are years old but decide to wait before saving for retirement. You decide to start saving later when you are years old. As a result, you start saving on January You plan to retire on December when you are years old. There are years from the time you started investing saving until you retire. When you start investing in you have no previous or other retirement savings. Assume there are days and weeks in each year from to Ignore leap years Assume that taxes will not affect any of the amounts or your savings.
You invest $ at the end of each month into a retirement account paying compounded monthly for years starting on January After years, you do not make any more payments or withdrawals and leave the money in the retirement account until retirement. Show all work and answer the following questions:
Assuming no withdrawals or additional payments were made, how much money will be in your retirement account after years?
After years, how many years are left until you retire?
Assuming you made all the monthly payments for years and left the money in the account without making any additional payments or withdrawals, how much money will be in your retirement account when you retire after years?
Assuming you made all the monthly payments for years and left the money in the account without making any additional payments or withdrawals, how much did you pay into your retirement account over the years?
Assuming you made all the monthly payments for years and left the money in the account without making any additional payments or withdrawals, how much interest did you earn over the years?
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