Based on this answer from previous question, please answer question 2.

options to choose for each blank is (good/bad), (will/will not), the last one is the answer you have calculated.

Bob and Jill look at each other and say ... "OK, we now understand why super is mandatory and so important." "Lets start talking retirement. I want to have $100,000 at the end of each year, to spend every year from when I retire at age 67 for 20 years. I don't think I'll be around past then. How much will I need to have in Super when I retire? Bob has just presented you with a common but sophisticated question that many retirees ask. When Bob retires, he wishes to take out his money, ending his super fund. You are quite confident that there are products that will pay 3% p.a. on Bob's Super lump sum when he retires. There are annuity investment products in the market to cater for needs just like this, offered by investment companies, like Challenger. (https://www.challenger.com.au/). These annuity products are purchased upon retirement and pay a fixed sum each year for a fixed time, to simulate an income/wage. Time for you to crunch the numbers and give Bob his answer... Hint: What Bob wants, a fixed payment, paid regularly for a fixed time, is an annuity. ID the correct annuity formula, and like your mortgage math, ID which variable you are solving for and then the values for the remaining others. See staff in consults if you need help. Enter your answer as to 2 decimal places, without any $ or, e.g. if you answer is $2,888,888.1212 it is to be entered as 2888888.12 Answer: Bob says ... "Now, that we know how much I'll need to have in Super when I retire at 67 , will I be able to reach that target amount?" Bob has just presented you with another common financial planning question. Pulling out his personal information, you see that Bob is currently 23, has just started work and has $0 in Super. His salary is $40,000 p.a. and he expects his salary to grow by at least an annual inflation rate of 2%. As per the Superannuation Guarantee Scheme, Bob has to put 10% of his salary into super each year and his super fund has long-term return expectations of 7% p.a. Time to do the math ... you will need to use your answer in Q1. After finishing the math, you reply to Bob ... "Bob, I've got news. You have enough to reach your target super level that will allow you to spend $100,000 each year during retirement. This is because, at current projection's, you'll accumulate Hint: as with all annuity work, ID the right formula, write it down, ID what you are solving for and then the variables values to substitute