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Use this scenario to answer the following 3 questions: You plan to retire 20 years from now and start withdrawing $85,000 per year at the
Use this scenario to answer the following 3 questions: You plan to retire 20 years from now and start withdrawing $85,000 per year at the end of each year for the next 40 years. You expect to inherit $65,000 from your aunt in 5 years which you will add to your retirement savings. You want to save a constant amount each year and need to know how much to save until retirement to achieve your retirement goal (you will make the deposits at the end of each year starting one year from now). Your savings will earn 8% and so will your retirement funds. Question 36 3 pts How much money needs to be in your account 20 years from today to satisfy your retirement needs? (Round to the nearest cent) 3 pts Question 37 What is the value of the inheritance as of the time of the retirement? (Round to the nearest cent) Question 38 4 pts How much do you need to save each year over the next 20 years to achieve your retirement goal? (Round to the nearest cent)
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