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Makayla is 35 years old today, and she has decided it is time to plan seriously for her retirement. Makayla wants to save $10,000 per
Makayla is 35 years old today, and she has decided it is time to plan seriously for her retirement. Makayla wants to save $10,000 per year for her retirement starting next year. She expects her salary to increase each year so that she will be able to increase her savings by 3% per year. Makayla can earn 8% per year on her retirement savings account.
In todays dollars, how much will Makayla have saved at age 65 (on the day of her retirement)?
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