Question
You are able to save $2,500 from year 4 through year 10 at the beginning of each year (inclusive). You have two children who will
You are able to save $2,500 from year 4 through year 10 at the
beginning of each year (inclusive). You have two children who will be
attending college at a cost of $15,000 per year starting in year 28 and
continuing through year 35, inclusive. You will inherit $25,000 in year
25. When you retire in year 47, you will need $60,000 per year for 20
years.
If you will be able to receive 3% from now through year 30 (inclusive)
and 4.5% beginning in January of year 31 and thereafter
(inclusive), how much must you save from year 8 through year 46
(inclusive) to reach your needs?
please show work by hand OR TYPED whatever easer but (NO EXCEL), having a little hard time understanding it.
Thank you very much. please do it ASAP.
3% 4.5% 4 8 10 25 28 30 31 35 0 46 48 67 -60,000/year for 20 years -15,000/year Pymnt +2,500/year per year from At the year 8 through year 46 Beginning of the Year $25,000 3% 4.5% 4 8 10 25 28 30 31 35 0 46 48 67 -60,000/year for 20 years -15,000/year Pymnt +2,500/year per year from At the year 8 through year 46 Beginning of the Year $25,000
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