Jose, age 25, currently saves S7000 per year in his retirement account which is expected to...

 

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Jose, age 25, currently saves S7000 per year in his retirement account which is expected to earn S% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annual amount needed during retirement would be $47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Compute the additional annual savings (if needed) to fund the shortfall in retirement account (if any). S596 56030 No additional savings are neoded $2294 Jose, age 25, currently saves S7000 per year in his retirement account which is expected to earn S% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annual amount needed during retirement would be $47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Compute the additional annual savings (if needed) to fund the shortfall in retirement account (if any). S596 56030 No additional savings are neoded $2294

Answer rating: 100% (QA)

Answer Option c No additional savings are needed Explanati... View the full answer