@ This project is to examine an application of exponential and logarithmic functions and how they are used to model compounding interest and saving for retirement. Find this information through real banks websites use real data! Choose a career that interests you, and find the average salary for that career. Go to your banks website (if you do not have a bank, pick a bank) and find the interest rate for savings accounts there. Next, search for a mutual fund to use for investing for your retirement.

Planning Worksheet

Desired profession: _______Logisticians_________________________________

• Salary: $ ____$78,680________ per year (gross income)
  • Per month: ___$6,557_________
• After tax: $ ____________ per year (net income) (can assume 25% paid in income taxes)
  • Per month: ____________

Your Money

(1) Bank: ________________________________________

• Interest rate: __________________ yearly
• Initial deposit: __________________ (could be $0 if no current savings exist)
• Monthly deposit: _________________ (aim for at least 10%-20% of net monthly income)

(2) Investment: __________________________________ (Pick a good Mutual Fund)

• Average yearly return since inception: ___________ (Should likely be at least 7%)
• Initial deposit: ___________________ (same as (1) above )
• Monthly deposit: ________________ (same as (1) above)

Saving Account Balance (1a)

You have been offered your dream job at its average starting salary. You want to invest part of your income for retirement. Complete the following table to see what the value of your savings will be when you are ready to retire.

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years

Saving Account Balance (2a)

After thinking a bit more about it, you have decided that it would be wise to invest an extra $200 per month into your retirement account. Complete the following table to determine the future value of this altered savings with an increased monthly savings amount.

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years

Saving Account Balance (3a)

You have been working at your job for 5 years and have received several raises totaling 10% of your starting salary. You decide to contribute more to your retirement due to your raises. Complete the tables below to determine the value of your retirement account.

First 5 years

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 5 Years (This will be the starting amount you use below.)

Next 25 years

New Monthly Income
Starting Amount (ending balance from the table above)
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years (So 25 more years!)

Mutual Fund Balance (1b)

You have been offered your dream job at its average starting salary. You want to invest part of your income for retirement. Complete the following table to see what the value of your investment will be when you are ready to retire.

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years

Mutual Fund Balance (2b)

After thinking a bit more about it, you have decided that it would be wise to invest an extra $200 per month into your retirement account. Complete the following table to determine the future value of this altered investment with an increased monthly savings amount.

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years

Mutual Fund Balance (3b)

You have been working at your job for 5 years and have received several raises totaling 10% of your starting salary. You decide to contribute more to your retirement due to your raises. Complete the tables below to determine the value of your retirement account.

First 5 years

Starting Amount
Investment Length
Return Rate	______%
Monthly Deposit
Value in 5 Years (This will be the starting amount you use below.)

Next 25 years

New Monthly Income
Starting Amount (ending balance from the table above)
Investment Length
Return Rate	______%
Monthly Deposit
Value in 30 Years (So 25 more years!)

Provide your web address and/other reference information as needed.

Please describe in detail for each question. Thank you.