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Read the instructions for this question carefully. This is a personalized question that requires your own input. First, provide three estimates based on your personal
Read the instructions for this question carefully. This is a "personalized" question that requires your own input.
First, provide three estimates based on your personal expectations:
In how many years call it do you think you can retire? X years
How many years call it do you expect to live after retirement? years
How much money call it Z do you think you'll need to spend per year in retirement to live comfortably? For you, $
Next, use your input of and to solve the questions below.
You are trying to decide how much to save for retirement. Assume you plan to save $ per year with the first investment made one year from now. You think you can earn per year on your investments and you plan to retire in years, immediately after making your last $ investment.
a How much will you have in your retirement account on the day you retire?
b If instead of saving $ per year, you want to make one lumpsum investment today for your retirement that will result in the same retirement account balance you calculated in part a how much would that lump sum need to be
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