Lucy wants to retire at the age of 60 with a monthly income of $7,500. She expects
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Lucy wants to retire at the age of 60 with a monthly income of $7,500. She expects to live to 95. She has no children, so she wants to exhaust her savings immediately before she dies. She expects that she can earn 5% annually on her investments. Now assume that Lucy wants to leave a $700,000 endowment to the University that she graduated from upon her death at the age of 95. All other assumptions remain the same. Now how much should Lucy have saved by her retirement date at the age of 60?
Multiple Choice
$1,164,566.65
$1,447,270.23
$1,608,152.42
$1,332,576.45
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