Mr. Del Valle is 54 years old and plans to retire in 8 years. He wants to
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Mr. Del Valle is 54 years old and plans to retire in 8 years. He wants to live at least 20 years after he retires. He has $125,000 in savings and expects to earn 7% annual interest. He expects to have an income of $45,000, the same amount he currently receives for 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 his retirement goal.
Related Book For
Financial management theory and practice
ISBN: 978-0324422696
12th Edition
Authors: Eugene F. Brigham and Michael C. Ehrhardt
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