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PLEASE SHOW HOW TO SOLVE IN EXCEL THANK YOU 5. You are 22 now and would like to retire at age of 67. After you
PLEASE SHOW HOW TO SOLVE IN EXCEL THANK YOU
5. You are 22 now and would like to retire at age of 67. After you retire, you assume you will live for another 20 years until 87 years old. Suppose you want to withdraw $5,000 at the beginning of each month from your retirement plan after you retire, and the monthly return of your retirement plan is 0.5%. a. In order to support your monthly withdrawal after retirement, how much do you need to accumulate when you are 67? (0.5 points) b. In order to accumulate what you need (the number you get in part 1), how much do you need to save at the end of each month from now? (0.5 points)Step by Step Solution
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