12. Mr. Del Valle is 54 years old and plans to retire in 8 years. You...

 

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12. Mr. Del Valle is 54 years old and plans to retire in 8 years. You want to live at least 20 years after you retire. He has $ 125,000 in savings and expects to earn 7% annual interest. He expects to have an income of $ 45,000, the same as he currently receives from the work he does. Del Valle will begin receiving your benefit after 8 years biweekly (24 payments per year) after you retire. Annual inflation is | expected to reach 5%. Determine how much Mr. Del Valle must save over the next 8 years to meet the retirement goal 12. Mr. Del Valle is 54 years old and plans to retire in 8 years. You want to live at least 20 years after you retire. He has $ 125,000 in savings and expects to earn 7% annual interest. He expects to have an income of $ 45,000, the same as he currently receives from the work he does. Del Valle will begin receiving your benefit after 8 years biweekly (24 payments per year) after you retire. Annual inflation is | expected to reach 5%. Determine how much Mr. Del Valle must save over the next 8 years to meet the retirement goal

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