Need Help with the following questions... The answers I got were wrong, could find the right answer after my calculations. My Answer is in bold.

Saben is 40 and wants to retire in 20 years. His family has a history of living well into their 90s. Therefore, he would like to plan on living until age 100, just in case. He currently needs $100,000 and expects that he will need about 80% of that if he were retired. He can earn 9 percent in his portfolio and expects inflation to be 3 percent annually. Some years ago, he purchased an annuity that is expected to pay him $30,000 per year beginning at age 60. It includes an inflation rate cost of living adjustment. In addition, he received $500,000 from his uncle BJ when he died. Saben has spent $200,000 on his home, but is investing $300,000 for his retirement. His Social Security benefit in todays dollars is $20,000. Which of the following statements is true?

	Saben needs to accumulate approximately $1,205,578 by age 60 to fund his retirement.
	Sabens current savings and other sources of income are adequate to satisfy his retirement needs.

	Saben needs to save approximately $9,300 per year for the next 20 years to fund his retirement.
	Saben needs to save approximately $7,926 per year at year end for the next 20 years to fund his retirement.

Beth just read that 40 years ago, milk was about $1.15 per gallon and today it is about $6 per gallon. She thought that seemed very high, especially if she can only earn 7% from her investments. She also thought that she would need about $3 million for retirement in todays dollars. If inflation is the same in the future as it has been over the last 40 years for a gallon of milk, how much will she need to have accumulated when she retires in 30 years?

	$3.00 million.
	$6.84 million.

	$10.35 million.
	$22.84 million.

Steven, age 43, earns $80,000 annually; and his wage replacement ratio has been determined to be 80%. He expects inflation will average 3% for his entire life expectancy. He expects to work until 68, and live until 90. He anticipates an 8% return on his investments. Additionally, Social Security Administration has notified him that his annual retirement benefit, in todays dollars will be $26,000.

Using the capital preservation model, calculate how much capital Steven needs, in order to retire at 68.

	$154,974.9475.
	$1,061,342.08.

	$1,217,311.57.
	$1,317,564.25.

Steven, age 43, earns $80,000 annually; and his wage replacement ratio has been determined to be 80%. He expects inflation will average 3% for his entire life expectancy. He expects to work until 68, and live until 90. He anticipates an 8% return on his investments. Additionally, Social Security Administration has notified him that his annual retirement benefit, in todays dollars will be $26,000.

Using the purchasing power preservation model, calculate how much capital Steven needs, in order to retire at 68.

	$1,061,342.08.
	$1,216,317.03.

	$1,317,564.25.
	$1,505,091.23.

Elin wants to retire in 20 years when she turns 60. Elin wants to have enough money to replace 120% of her current income less what she expects to receive from Social Security. She expects to receive $20,000 per year from Social Security in todays dollars. Elin is conservative and wants to assume a 6% annual investment rate of return and assumes that inflation will be 3% per year. Based on her family history, Elin expects that she will live to be 95 years old. If Elin currently earns $100,000 per year and expects her raises to equal the inflation rate, approximately how much does she need at retirement to fulfill her retirement goals?

	$3,880,831.
	$3,930,814.

	$3,997,256
	$4,045,303.

Question 7 1 pts Skip to question text.

Martin began saving $5,000 per year from age 25 to age 35 (ten years) and then invested the funds for another 30 years. Bob began saving at age 35 and saved $5,000 each year until he retired at age 65 (30 years). At what rate of return will Martin and Bob have the exact same balance at age 65?

	6.28%.
	7.14%.

	8.05%.
	8.55%.