PART 1: When do you think you will retire, and what is your life expectancy? If you need $50,000 every year after your retirement, how much should you have by the year of your retirement? Suppose the annual discount rate is 1%.

Based on what you answered in part 1, how much should you save every year to meet the goal of your retirement plan, if you start saving from 30? What if you start saving from 50? Suppose the annual discount rate is 1%. PART 1 ANSWER = $1177980.38