Question
Question 4: Employer contribution and retirement plan (10 points) You need to use the functions built in in excel to answer the question. Manually fill
Question 4: Employer contribution and retirement plan (10 points) You need to use the functions built in in excel to answer the question. Manually fill in the answer will receive 0 point Assume you want to have $1,500,000 for your retirement when you are 65 years old. You are 21 years old now. Assume your salary is $4,000 per month and your employer will contribute 4% of your monthly salary to your retirement account every month. How much will you need to contribute to your account every month in order to have $1,500,000 when you retire at the age of 65? Assume APR of 6%
Employer Contribution every month =
The Future Value of the employer contribution in 42 years =
The shortage from 1.5M =
Your Contribution every month will be =
Please Use Excel Formulas and Explain how you got to those formulas, and what goes where etc.
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