Current Attempt in Progress Assume you are now 21 years old and will start working as soon as you graduate from college. You plan to retirement on your 25th birthday and retire on your 65th birthday. After retirement, you expect to live at wish to be able to withdraw $50,000 (in tod

ay's dollars) every year from the time of your retirement until y 20 years). The average inflation rate is likely to be 5 percent. Problem 6.42(a) here to search Your answer is incorrect.

Calculate the lump sum you need to have accumulated at age 65 to be able to draw the desired income. Assu return on your investments is likely to be 10 percent. (Round answer to 2 decimal places, e.g. 15.25. Round inter decimal places, e.g. 359400.312. Do not round factor values.) 6

Assume you are now 21 years old and will start working as soon as you graduate from college. You plan to start saving for retirement on your 25 th birthday and retire on your 65 th birthday. After retirement, you expect to live at least until you a wish to be able to withdraw $50,000 (in today's dollars) every year from the time of your retirement until you are 85 year 20 years). The average inflation rate is likely to be 5 percent. Problem 6.42(a) Your answer is incorrect. Calculate the lump sum you need to have accumulated at age 65 to be able to draw the desired income. Assume that the an return on your investments is likely to be 10 percent. (Round answer to 2 decimal places, e.g. 15.25. Round intermediate value decimal places, e.g. 359400.312 . Do not round factor values.) Lump sum amount accumulated at age 65$ re now 21 years old and will start working as soon as you graduate from college. You plan to start saving for your your 25 th birthday and retire on your 65th birthday. After retirement, you expect to live at least until you are 85. You le to withdraw $50,000 (in today's dollars) every year from the time of your retirement until you are 85 years old (i.e., for e average inflation rate is likely to be 5 percent. .42(a) our answer is incorrect. e the lump sum you need to have accumulated at age 65 to be able to draw the desired income. Assume that the annual nour investments is likely to be 10 percent. (Round answer to 2 decimal places, e.g. 15.25. Round intermediate value to 3 laces, e.g. 359400.312. Do not round factor values.) um amount accumulated at age 65