Simple calculations for inflation use the same formulas as compound interest. For example, 3% inflation is similar to compounding at 3% interest. Using your current salary of $70,000, how much you will need annually to live on in 35 years, forecast what that will be when you retire if you assume annual inflation of 3.0%. Use the EXCEL function to get your answer in the cell indicated.

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To calculate the future salary needed annually to live on in 35 years con... View the full answer