An employee's current annual gross wage is $63,900. Part A: Calculate how much will be needed...

 

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An employee's current annual gross wage is $63,900. Part A: Calculate how much will be needed in retirement if the employee wants to have enough saved to live off 80% of the current annual gross wage and withdraw 4% the first year. Show all steps. (3 points) Part B: The employee determines that they can contribute $600 per month to a retirement account with a 5.5% monthly compounded interest rate. Calculate the account balance if the employee plans to retire in 40 years. Show all steps. (3 points) Part C: Using your values from Part A and Part B, calculate the difference between the employee's goal and the actual retirement account balance. Explain whether the employee will meet their retirement goal. (4 points) An employee's current annual gross wage is $63,900. Part A: Calculate how much will be needed in retirement if the employee wants to have enough saved to live off 80% of the current annual gross wage and withdraw 4% the first year. Show all steps. (3 points) Part B: The employee determines that they can contribute $600 per month to a retirement account with a 5.5% monthly compounded interest rate. Calculate the account balance if the employee plans to retire in 40 years. Show all steps. (3 points) Part C: Using your values from Part A and Part B, calculate the difference between the employee's goal and the actual retirement account balance. Explain whether the employee will meet their retirement goal. (4 points)