Question
Please solve this step by step instead of Excel sheet You are planning for your retirement. You estimate that your income, which was $ 100,000
Please solve this step by step instead of Excel sheet
You are planning for your retirement. You estimate that your income, which was $ 100,000 in the last year, will grow at 8% a year for the next 30 years (which is your estimate of how long you plan to continue working), and that your expenses, which were $ 80,000 in the last year, will grow 6% a year for the next 30 years. (You can invest at 7%)
A- Estimate how much you will save by the end of the 30th year.
B- If you expect to live for 20 years after you retire, how much can you afford to withdraw each year from these savings?
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