Using the accompanying Retirement_Calculator spreadsheet model, Claire wants to use Scenario Manager to compare the following retirement saving scenarios:

Click here for the Excel Data File

Scenario	Starting salary	Increase rate	Saving rate	Return rate
1	$ 56,400	2%	15%	7%
2	$ 71,400	2%	10%	7%
3	$ 69,400	3%	15%	7%
4	$ 73,400	3%	10%	7%

Which scenario generates the highest retirement savings at the end of 10 years? What is the amount?

Note: Round "Amount" to 2 decimal places.

Which scenario generates the lowest retirement savings at the end of 20 years? What is the amount?

Note: Round "Amount" to 2 decimal places.

Which scenario generates the second highest retirement savings at the end of 30 years? What is the amount?

Note: Round "Amount" to 2 decimal places.

For Scenario 4, if Claire would like to have $1 million at the end of 30 years, what would her saving rate need to be? How about at the end of 20 years?

Note: Round your answers to 2 decimal places.

Data:

Retirement Calculator
Starting Salary:		56,400.00
Salary Increase Rate:	3%
Saving Rate:		10%
Company Match:		4%
Return Rate:		5.8%
Year	Salary	Contribution	Company Match	Principal	Returns	Ending Balance
0						0
1	56,400.00	5,640.00	2,256.00	7,896.00	213.69	8,109.69
2	58,092.00	5,809.20	2,323.68	16,242.57	704.03	16,946.60
3	59,834.76	5,983.48	2,393.39	25,323.47	1,237.95	26,561.42
4	61,629.80	6,162.98	2,465.19	35,189.60	1,818.49	37,008.09
5	63,478.70	6,347.87	2,539.15	45,895.11	2,448.88	48,343.98
6	65,383.06	6,538.31	2,615.32	57,497.61	3,132.53	60,630.14
7	67,344.55	6,734.45	2,693.78	70,058.38	3,873.11	73,931.49
8	69,364.89	6,936.49	2,774.60	83,642.57	4,674.49	88,317.06
9	71,445.83	7,144.58	2,857.83	98,319.48	5,540.79	103,860.27
10	73,589.21	7,358.92	2,943.57	114,162.76	6,476.41	120,639.17
11	75,796.88	7,579.69	3,031.88	131,250.74	7,486.02	138,736.75
12	78,070.79	7,807.08	3,122.83	149,666.66	8,574.56	158,241.22
13	80,412.91	8,041.29	3,216.52	169,499.03	9,747.31	179,246.34
14	82,825.30	8,282.53	3,313.01	190,841.88	11,009.88	201,851.76
15	85,310.06	8,531.01	3,412.40	213,795.17	12,368.21	226,163.38
16	87,869.36	8,786.94	3,514.77	238,465.09	13,828.64	252,293.73
17	90,505.44	9,050.54	3,620.22	264,964.49	15,397.89	280,362.38
18	93,220.61	9,322.06	3,728.82	293,413.27	17,083.10	310,496.37
19	96,017.22	9,601.72	3,840.69	323,938.78	18,891.86	342,830.64
20	98,897.74	9,889.77	3,955.91	356,676.33	20,832.24	377,508.57
21	101,864.67	10,186.47	4,074.59	391,769.62	22,912.80	414,682.42
22	104,920.61	10,492.06	4,196.82	429,371.31	25,142.63	454,513.93
23	108,068.23	10,806.82	4,322.73	469,643.49	27,531.40	497,174.88
24	111,310.28	11,131.03	4,452.41	512,758.32	30,089.36	542,847.69
25	114,649.59	11,464.96	4,585.98	558,898.63	32,827.42	591,726.05
26	118,089.08	11,808.91	4,723.56	608,258.52	35,757.14	644,015.66
27	121,631.75	12,163.17	4,865.27	661,044.10	38,890.81	699,934.92
28	125,280.70	12,528.07	5,011.23	717,474.21	42,241.47	759,715.69
29	129,039.12	12,903.91	5,161.56	777,781.16	45,822.97	823,604.14
30	132,910.29	13,291.03	5,316.41	842,211.58	49,650.02	891,861.60