Assume you are 23 years old. Show an example of how much money you would need to save each year to have at least $500,000 when you reach age 70 if you are under 35 years old. Use $300,000 if you are 36 years old and up.  Assume a 10% interest rate. Show ALL your mathematical work to receive credit.

Answer rating: 100% (QA)

To calculate the annual savings required to reach at least 500000 by age 70 we can use ... View the full answer