Question
You believe you will need to have saved $665,000 by the time you retire in 40 years in order to live comfortably. You also believe
You believe you will need to have saved $665,000 by the time you retire in 40 years in order to live comfortably. You also believe that you will inherit $118,000 in 10 years. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
If the interest rate is 6% per year, what is the future value of your inheritance at retirement?
How much additional money must you save to meet your retirement goal, assuming you save your enture inheritance?
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
3rd edition
77826485, 978-0077722074, 77722078, 978-0077826482
