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Can someone help me solving this retirement problem from part a to c? Please make sure to give me calculations and the method you used

Can someone help me solving this retirement problem from part a to c? Please make sure to give me calculations and the method you used to came up with answers. It would not make sense to me if I cannot follow your work. Then your work would not be apprecite it. please be mindful while solving this problem. I want to learn and understand. image text in transcribed

RETIREMENT PROBLEM How strong are your TIME VALUE OF MONEY SKILLS? Assume you just had your 25th birthday. You want to start saving for retirement. At that time you figured that you wanted to work until age 57 and will live another 25 years in retirement. At today's cost you assume that you will need $5,200 a month to maintain your current lifestyle. You assume that inflation will increase that cost at an annual rate of about 4% until you withdraw your first retirement payment in 32 years from now, after which your retirement withdrawals will remain fixed and that you can earn a 10% return on your investments. a) How much do you estimate you will need at the time of retirement in your retirement account (i.e. in 32 years from now when you are 57)? b) How much will you need to save each month from age 25 to retirement (a 32 year period) to accomplish that goal? c) At age 40, after you have saved for 15 years, the U.S. economy experiences a financial downturn, and your account value at that date falls 40%. Sound familiar? Assume that beyond that point you decide to invest in more moderate risk securities such that you will now only expect an 8% return. How much more will you need to save each month over the next 17 years to still accomplish your retirement goal established in part a

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