You are 25 years old and need to have $1,000,000 in savings before you retire at age
Question:
You are 25 years old and need to have $1,000,000 in savings before you retire at age 75. You estimate you will receive an annual return of 8% on investments.
a. How much do you need to put into retirement savings on an annual basis?
b. How much do you need to put into retirement savings on an annual basis if you get an annual return of 10%?
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a You can use a financial calculator use the tables for FVIFA or use the formula Using a f...View the full answer
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Related Book For
Personal Finance Building Your Future
ISBN: 978-0073530659
1st edition
Authors: Robert B. Walker, Kristy P. Walker
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