M3D1: Saving for retirement - MAT 101 group 2 No unread replies. No replies. Module 3 In this discussion, you will work in small groups in online discussions to solve a mathematics problem involving a savings plan to reach your retirement goals. This group discussion will help prepare you for activity M3A2, in which you will write and submit an individual complete solution to a similar problem. Answer the following questions. (Note: You don't need to reveal private information hereyour answers to questions 1 and 2 can be any numbers you choose and need not be about your true age and finances.) 1. How old are you now? At what age do you hope to retire? These questions are really about answering: How many years do you have until you retire? Answer: I am 50 years old. I hope to retire at 60 years old. I have 10 years until the age I would hope to retire. 2. Based on how you want to live in retirement and any other sources of retirement income you have available, how much money do you think you will need to draw from this savings account each year during retirement? Answer: I think I would need to withdraw approximately $18,000 per year after retirement to supplement my retirement income. 3. You are about to set up a new retirement savings account that earns interest at a 3.5% annual interest rate (APR). You want to make monthly contributions to that account from now until you retire. The goal is to save enough money so that you will be able to withdraw the money you need each month without depleting your principal (in reality, you will probably deplete your principal gradually). How much money do you need to contribute to the account each month? Be sure to answer all parts of the question above. It is possible that you will not be successful at answering all parts of the question at this point, and that is okay. But be sure to describe what you were able to solve and what questions you have remaining. It is important to follow the Discussion Problem Instructions This is intended to be a challenging problem that will require you to work together for a successful solution. Just as you learn from others' ideas, they will learn from your questions and contributions. Whether you understand a complete solution to the problem or are struggling to work it through, you are expected to participate actively in the discussion throughout the module and to work collaboratively with your classmates on a thorough problem solution. Goals for this discussion, while working with your classmates: The focus here is not only on finding the "right" answers, but on explaining and justifying your reasoning for all mathematical steps and ideas you present. Engage with and reflect on the issues being discussed, which will be critical for your course grade. Demonstrate that you understand all parts of the problem and its solution by the end of the module This will prepare you for the next activity, in which you will write and submit an individual complete solution to a similar