the answer to number 6 is 1,095,657.55

Question 7 (1 point) How much do you need to save per year (at the end of each year) in an investment earning 7% per year now to reach the amount in Question 6 by age 65? Assume you have no money now in the investment. Question 8 (1 point) How much do you need to save per month (at the end of each month) in an investment earning 7% per year now to reach the amount in Question 6 by age 65? Assume you have no money now in the investment. 23 Hello, Solution is provided below. Please give a suitable rating. Thanks Current Age Current Annual Earings 29120 Inflation Years to Age 65 Years after retirement 20 =14*8*3*52 04. Annual Salary at the age of 65 100775.4644 -29120*(13%92 Q5. 80% of Annual salary at age 65 80620.4 =100775.5*80% 06 Interest rate Years after retirement 20 Retirement Fund -Annual retirement income (1-11-02) -80620.4*((1-1+4% -2014%) 1,095,657.55 Inflation has not been considered in the above Note: calculation Inflation adjusted interest rate 0.9709% -(1.04/1.03)-1 If we apply the inflation adjusted interest rate, Retirement Fund -80620.4*(1-1+9709%)-207.9709%) 1,459.111.24 $ 1.459.111 is needed at the age of 65 to receive S 80620 annual income for the next 20 years, assumed that the same inflation at 3% continues over the next 20 years also