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PLEASE SOLVE THIS BY EXCEL AND PLEASE BE DETAILED. THANK YOU! Growing Annuity You are looking to retire in 30 years and want to have
PLEASE SOLVE THIS BY EXCEL AND PLEASE BE DETAILED. THANK YOU!
Growing Annuity You are looking to retire in 30 years and want to have $2.2 million saved for retirement. Since you are self-employed, you take one distribution per year, at the end of the year based on the net earnings of your company; and you are anticipating to earn $83,000 at the end of the current year. You are anticipating that you'll be able to take a 3% increase in distributions each year, and you have estimated that you can earn 9% of the money you invest, on average. If you save a constant percentage of your distributions, what percentage of your pay must you save each yearStep by Step Solution
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