Question $1$: Retirement

Part A:

INSTRUCTIONS: You plan to retire in $30$ years. You can save $$15,000$ a year and have found an RSP investment that will return $4\mathrm{.}5\%.$ Determine how long will your funds last if you need $$45,000$ a year in today's dollars to live comfortably from a RIF at earning $3\mathrm{.}2\%.$

Using the yellow cells and changing the data inputs answer the following questions:

How many years would your funds last if you worked for an additional $5$ years?

How many years would your funds last if you double your contribution over $30$ years?

$\backslash$table$[[$Years to Retirement,$30,$Retirement Fund Value$],[$Inflation Rate,$3\mathrm{.}50\%,$Retirement Cost of living$],[$Annual Contribution,$$15,000,$Years Funded$],[$Current Yearly Cost of Living,$$45,000,],["$RSP$"$ Rate $($Retirement Savings Plan$),4\mathrm{.}5\%,],["$RIF$"$ Rate $($Retirement Income Fund$),3\mathrm{.}2\%,]]$

Part B:

INSTRUCTIONS: Determine how many years would your funds last if your RIF earned the rates indicated in the table using the original data of $30$ years to retirement and $$15,000$ annual contributions.