Question $6$

Shyann Miles has asked you to assist her in setting up a plan to accumulate savings for retirement.

Shown below is some information that Shyann has provided.

Review the Mel Rich example in the textbook $($Page $340$ of your edition$)$

Age at beginning of savings term:

Estimated age at retirement:

What is the length of savings term?

Planned withdrawal to be made during retirement:

Estimated rate of return during saving term:

Estimated rate of return during retirement:

$25$

$65$

$$5,000$ monthly

$12\%$ annually

$6\%$ annually

Estimated age of death:

What is the length of retirement term?

Show work:

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Chapter $20$ Packet

Find the MONTHLY amount that she must save to meet her goal of having enough saved

on the day of retirement to make her retirement payments possible.

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