1. Your current income is $50,000 per year, and would like, when you retire, to maintain your current standard of living (i.e. your purchasing power). If you expect to retire in 30 years and expect inflation to average 3% in the next 30 years, what amount of annual income will you need to live in the same level of comfort in 30 years? 
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3. Calculate the future value of$4,600 received today if deposited at 9 percent for three years.

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1 To maintain your current standard of living postretirement you need to calculate future income req... View the full answer