Complete your own budget using the attached the Family Monthly Budget sheet below. Use Time Value of Money techniques to calculate the following:

1. How much money do you need to accumulate to retire at age 40 (with a life expectancy of 90)?
2. How much money do you need to accumulate to retire at age 65 (with a life expectancy of 90)?
3. If you had $2,000,000 and retired at age 65, how much would you be able to receive monthly with a 25-year payout?
4. If you had $2,000,000 and retired at age 40, how much would you be able to receive monthly with a 50-year payout?

Describe the PV, i, N, FV, and Pmt in each scenario.

Family Monthly Budget Total Difference Total Projected Total Actual Projected Monthly Income Cost Cost $0 $0 $0 Income 1 Income 2 Child Support Total monthly income Projected Cost Actual Cost Difference Housing Mortgage Second mortgage $0 $0 $0 $0 $0 or rent Actual Monthly Income or rent Phone Income 1 Electricity Income 2 Extra income Total monthly income $0 Gas Water and sewer $0 SO Cable $0 Projected balance (Projected income minus expenses) Waste removal $0 $0 Maintenance or repairs $0 Actual balance (Actual income minus expenses) Supplies $0 $0 Other $0 Difference (Actual minus projected) Subtotals $0 $0 $0 $0 SO Transportation Vehicle 1 payment $0 Insurance $0 Licensing/Tag Fuel Maintenance Other $0 $0 $0 Projected Cost Actual Cost Difference Entertainment Video/DVD CDs Movies Concerts Sporting events Live theater Other- Six Flags $0 Subtotals $0 $0 $0 $0 $0 Insurance $0 Home Health $0 $0 30 $0 $0 Life Other $0 Subtotals $0 Subtotals $0 $0 60 $0 $0 Food Groceries Dining out Other Loans Personal Student Credit card $0 $0 $0 $0 $0 $0 $0 $0 Credit card Credit card other Subtotals Subtotals $0 $0 $0 $0 $0 $0 $0 Children $0 $0 Medical $0 $0 $0 Clothing co Children Medical Clothing School tuition School supplies Organization dues or fees unch money Other $0 $0 $0 Subtotals $0 $0 $0 $0 $0 Taxes Federal State Local Other (Back taxes) $0 $0 $0 $0 $0 $0 child care $0 $0 $0 Toys/games-Birthday/Christmas Other $0 Subtotals $0 $0 $0 $0 Savings or Investments Retirement account Investment account College Other (Savings Subtotals Subtotals $0 $0 $0 Business Cellular Marketing Memberships Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplie $0 Reserves Other Subtotals Gifts and Donations $0 Personal Gifts $0 $0 $0 $0 ::: Reserves $0 Other Gifts and Donations $0 Personal Gifts Offering Tithes Subtotals $0 Subtotals $0 $0 $0 Personal Care $0 Medical Hairails Clothing/ Shoes Dry cleaning Health club Organization dues or fees Other $ 0 $0 $0 S0 $0 $0 Legal Attorney Accountant Financial Planner Other $0 $0 $0 $0 $0 $0 $0 S0 $0 $0 $0 50 Subtotals Subtotals $0 $0 $0 $0 S0 S0 Family Monthly Budget Total Difference Total Projected Total Actual Projected Monthly Income Cost Cost $0 $0 $0 Income 1 Income 2 Child Support Total monthly income Projected Cost Actual Cost Difference Housing Mortgage Second mortgage $0 $0 $0 $0 $0 or rent Actual Monthly Income or rent Phone Income 1 Electricity Income 2 Extra income Total monthly income $0 Gas Water and sewer $0 SO Cable $0 Projected balance (Projected income minus expenses) Waste removal $0 $0 Maintenance or repairs $0 Actual balance (Actual income minus expenses) Supplies $0 $0 Other $0 Difference (Actual minus projected) Subtotals $0 $0 $0 $0 SO Transportation Vehicle 1 payment $0 Insurance $0 Licensing/Tag Fuel Maintenance Other $0 $0 $0 Projected Cost Actual Cost Difference Entertainment Video/DVD CDs Movies Concerts Sporting events Live theater Other- Six Flags $0 Subtotals $0 $0 $0 $0 $0 Insurance $0 Home Health $0 $0 30 $0 $0 Life Other $0 Subtotals $0 Subtotals $0 $0 60 $0 $0 Food Groceries Dining out Other Loans Personal Student Credit card $0 $0 $0 $0 $0 $0 $0 $0 Credit card Credit card other Subtotals Subtotals $0 $0 $0 $0 $0 $0 $0 Children $0 $0 Medical $0 $0 $0 Clothing co Children Medical Clothing School tuition School supplies Organization dues or fees unch money Other $0 $0 $0 Subtotals $0 $0 $0 $0 $0 Taxes Federal State Local Other (Back taxes) $0 $0 $0 $0 $0 $0 child care $0 $0 $0 Toys/games-Birthday/Christmas Other $0 Subtotals $0 $0 $0 $0 Savings or Investments Retirement account Investment account College Other (Savings Subtotals Subtotals $0 $0 $0 Business Cellular Marketing Memberships Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 Supplie $0 Reserves Other Subtotals Gifts and Donations $0 Personal Gifts $0 $0 $0 $0 ::: Reserves $0 Other Gifts and Donations $0 Personal Gifts Offering Tithes Subtotals $0 Subtotals $0 $0 $0 Personal Care $0 Medical Hairails Clothing/ Shoes Dry cleaning Health club Organization dues or fees Other $ 0 $0 $0 S0 $0 $0 Legal Attorney Accountant Financial Planner Other $0 $0 $0 $0 $0 $0 $0 S0 $0 $0 $0 50 Subtotals Subtotals $0 $0 $0 $0 S0 S0