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please anwser a, b, and, c Funding your retirement Emily Jacob is 45 years old and has saved nothing for retirement. Fortunately, she just inherited

please anwser a, b, and, c image text in transcribed
Funding your retirement Emily Jacob is 45 years old and has saved nothing for retirement. Fortunately, she just inherited 575.000. Emily plans to put a large portion of the money into an investment account caring an) 13% return. She will let the money ocurrulate for 20 years, when she will be ready to retire. She would like to deposit enough money today so she could begin making withdrawals of 544,000 per you starting at age 66 (21 years from now) and continuing for 24 additional years, when she will make her last withdrawala nge 90. Whatever romains from her inheritance, Emily will spend on a shopping spree, Emily will continue to earn 13% on money in her investment account during her retirement years, and she wants the balance of her retirement account to be $0 after her withdrawal on her ninetieth birthday. a. How much money must Emily set aside now to achieve that goal? It may be helpful to construct a timeline to visualize the details of this problem b. Emily realize that once she retires she will want to have less risky investments that will enam a slightly lower rate of return, 7% rather than 13%. Emily can earn 13% on her investments from now untillage 65, but she was just 7% on her investments from age 65 to 90, how much money does she need to set aside today to achieve her goal? c. Suppose Emily puts all of the 575,000 that she inherited into the account earning 13%. As in part b, she will eam only a(n) 7% return on her investments after age 65. If Emily Withdraws 544,000 as planned on each birthday from age 65 to age 90, how much will be left in her account for her heirs after her last withdrawal? a. The amount Emily must set aside now is $3 (Round to the nearest cent)

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