Suppose you have 40 years to reach the amount you found in part (a). Assuming that the interest rate is 6%, how much would you have to save each year while working in order to reach your retirement target?

Question 5. (a.) Once you retire, you believe that you will spend $40,000,00 a year for 20 years (after which time you presumably die...requiescat in pace). If the interest rate is expected to be 6.00% per year, what is the total amount that you will need to invest to reach your goal? Round your answer to the nearest whole dollar. (7 points) c= 40,000 1 = .06% n = 20 (b.) Suppose you have 40 years to reach the amount you found in part (a.). Assuming that the interest rate is 6.00%, how much would you have to save each year while working in order to reach your retirement target? (7 points)