1. You've just accepted your first job offer at a salary of 80,000 per year.  If you expect your salary to adjust/grow at an average rate of 2% per year, what will your annual salary be in 40 years? Round your answer to the nearest dollar.
2. Your retirement goal is to have enough in savings to be able to pay yourself $175,000 per year for 20 years.  If you expect to earn 4% on your savings during retirement, how much will you need in savings?

3. Suppose you want to have $2,000,000 in savings when you plan to retire in 30 years.  If you can earn 10% annually, how much do you need to save each year  to reach your goal?

Round your answer to the nearest dollar.

Answer rating: 100% (QA)

Annual Salary in 40 Years Start with your initial salary 80000 Yearly growth rate 2 Number of years ... View the full answer