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please use excel and show all calculations. thank you! It's your birthday and you've decided that you should start saving for retirement. Your goal is
please use excel and show all calculations. thank you!
It's your birthday and you've decided that you should start saving for retirement. Your goal is to work 35 years and spend 25 years in retirement. You would like to have $300,000 a year in income during your retirement years. Assume that the interest rate is 7% and that you will not take your first withdraw until one year after you retire. a. If you start saving one year from today, how much do you need to save each year in equal amounts? b. Suppose you just inherited a large sum of money and you've decided to make one large deposit today. How much do you need to deposit to reach your goal? c. Suppose your employer will contribute $1,500 to the account each year as part of a profit-sharing plan. You will also receive $50,000 /year from a trust 20 years from now. How much do you need to save each year Step by Step Solution
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