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SOLVE EXCEL PLEASE 5. You are 22 now and would like to retire at age of 67 . After you retire, you assume you will
SOLVE EXCEL PLEASE
5. You are 22 now and would like to retire at age of 67 . After you retire, you assume you will live for another 20 years until 87 years old. Suppose you want to withdraw $5,000 at the beginning of each month from your retirement plan after you retire, and the monthly return of your retirement plan is 0.5%. a. In order to support your monthly withdrawal after retirement, how much do you need to accumulate when you are 67? ( 0.5 points) b. In order to accumulate what you need (the number you get in part 1), how much do you need to save at the end of each month from now? ( 0.5 points) 5. You are 22 now and would like to retire at age of 67 . After you retire, you assume you will live for another 20 years until 87 years old. Suppose you want to withdraw $5,000 at the beginning of each month from your retirement plan after you retire, and the monthly return of your retirement plan is 0.5%. a. In order to support your monthly withdrawal after retirement, how much do you need to accumulate when you are 67? ( 0.5 points) b. In order to accumulate what you need (the number you get in part 1), how much do you need to save at the end of each month from now? ( 0.5 points)Step by Step Solution
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