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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?
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 + IQ50Step by Step Solution
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