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I need URGENT help for study guide In the problems that follow assume that you are a 25-year-old college graduate who earns $60,000 per year.
I need URGENT help for study guide
In the problems that follow assume that you are a 25-year-old college graduate who earns $60,000 per year. Also assume that you can earn 6% annually, compounded monthly, on your retirement savings and that you will need a monthly income ofs4,0oo in retirement. Assume that Social Security will provide a monthly income ofs1,200 per month. Assume you will live to age 95. A. Assume you plan to retire at age 65. How much will you need in your retirement savings at age 65 to achieve your retirement income objective? Show a timeline and the formula you are usin as well as appropriate intermediate calculations that get you to your answer. B. If you start saving at age 25, how much will you need to put into your retirement account each month to have the amount you calculated in A at age 65? c. If you defer starting to save for retirement until age45, what monthly deposit to your retirement account will be required? D. Same as A but defer retirement until age 70 Step by Step Solution
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