Question: 1. Consider the following information: a. You will work for 38years and then, retire. b. You will live for 30 years after you retire. c.
1. Consider the following information: a. You will work for 38years and then, retire. b. You will live for 30 years after you retire. c. You estimate that you will need $10,000 per month through your retirement years. d. You want to leave $1,500,000 to your heirs upon your demise. e. You expect to earn 12% on your retirement fund during your working years and 6% after you retire. f. You estimate that your salary will grow at an average annual rate of 4.2% and inflation will average 2% during your retirement years. How much must you save in the first month to meet these goals? 1. Consider the following information: a. You will work for 38years and then, retire. b. You will live for 30 years after you retire. c. You estimate that you will need $10,000 per month through your retirement years. d. You want to leave $1,500,000 to your heirs upon your demise. e. You expect to earn 12% on your retirement fund during your working years and 6% after you retire. f. You estimate that your salary will grow at an average annual rate of 4.2% and inflation will average 2% during your retirement years. How much must you save in the first month to meet these goals
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