Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help ASAP. Make up any age, complete 1-6 please. And show work, preferably in excel! 3. Now do the same calculation as part 2,
Need help ASAP. Make up any age, complete 1-6 please. And show work, preferably in excel!
3. Now do the same calculation as part 2, but include the amount you decided to leave to your heirs above. 2. Calculation the amount you will need the day you retire if you want the amount you calculated in part 1 paid out annually from the day you retire until the last date you want to receive retirement income and you want to leave nothing to your heirs. Assume the rate of return you will receive during this period is 2% less than the investment rate you chose above (people generally invest a little bit more conservatively during retirement). 4. Using your answer to part 3, find the equal annual amount you would need to save every year from the age you input as now until the date you retire to reach the amount in answer 3 , use the investment rate you chose above. 5. Now let's assume you are 10 years into saving for your retirement, so 10 years older than what you chose as your age now and assume you earned 2% less would need to save every year to still save to the amount in part 3, assuming you can now earned the assumed investment rate. 24 final ans 6. Assume that the amount you calculate in part 3 is too much for you to possibly save, suggests so ethical options. 3. Now do the same calculation as part 2, but include the amount you decided to leave to your heirs above. 2. Calculation the amount you will need the day you retire if you want the amount you calculated in part 1 paid out annually from the day you retire until the last date you want to receive retirement income and you want to leave nothing to your heirs. Assume the rate of return you will receive during this period is 2% less than the investment rate you chose above (people generally invest a little bit more conservatively during retirement). 4. Using your answer to part 3, find the equal annual amount you would need to save every year from the age you input as now until the date you retire to reach the amount in answer 3 , use the investment rate you chose above. 5. Now let's assume you are 10 years into saving for your retirement, so 10 years older than what you chose as your age now and assume you earned 2% less would need to save every year to still save to the amount in part 3, assuming you can now earned the assumed investment rate. 24 final ans 6. Assume that the amount you calculate in part 3 is too much for you to possibly save, suggests so ethical optionsStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started