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Please answer both questions with explanation. QUESTION 1 Suppose you are currently making $45,000 a year at age 25. You expect to need the same
Please answer both questions with explanation.
QUESTION 1 Suppose you are currently making $45,000 a year at age 25. You expect to need the same amount to support your living standard after retirement. If the inflation rate is on average 4%, what are the inputs you would enter in a financial calculator to find out how much you need for your annual living expenses when you retire at age 67? a.PV = -4,500, i/Y=4, n= 42, CPT, FV OD.FV = -4,500, i/Y = 4, n= 42, CPT, PV O CPV = - 4,500, i/Y = 4, n= 42, CPT, PMT O d. PMT = -4,500, i/Y= 4, n= 42, CPT, FV QUESTION 2 Do the computation with a financial calculator or Excel spread sheet. What's the amount you need for your annual living expenses when you retire at age 67? Write the number rounded to 2 decimal placesStep by Step Solution
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