Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

G: For how many months will you save money toward retirement? In 14 years saving towards retirement would be 13 years and 11 months =

G: For how many months will you save money toward retirement?

In 14 years saving towards retirement would be 13 years and 11 months = 167 months

H: Using G, C ( c is in the picture below) and 7%, how much must you save per month in order to meet your retirement goal?

image text in transcribed

Annual Income monthly spending $ SOOOO Soooo 7 la $4166.67 B Amount ue ar 14 needed at the time of retirement - $40000 inflation rate 0.04. Amount needed at the time of to retirement Euture value bresent value Citrit 40000 (1 + 0.04) = $ 69 267.0579 growth go retirement account - 0.07 besent value of gron Present value t = 28 Euture value 69267.0579 $ 70S17.0579 Present value Eutive value (1+rgt 70517. . OS79 (1+0.07) 28 705170579 6.6488 $ 1060.5008 & = 0.07 + IQ50 Annual Income monthly spending $ SOOOO Soooo 7 la $4166.67 B Amount ue ar 14 needed at the time of retirement - $40000 inflation rate 0.04. Amount needed at the time of to retirement Euture value bresent value Citrit 40000 (1 + 0.04) = $ 69 267.0579 growth go retirement account - 0.07 besent value of gron Present value t = 28 Euture value 69267.0579 $ 70S17.0579 Present value Eutive value (1+rgt 70517. . OS79 (1+0.07) 28 705170579 6.6488 $ 1060.5008 & = 0.07 + IQ50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Campaign Finance Reform

Authors: Melissa M. Smith, Glenda C. Williams, Larry Powell, Gary A. Copeland

1st Edition

0739145657, 978-0739145654

More Books

Students also viewed these Finance questions