How much would they need to save monthly to fund their retirement goal?  Assume an 8% investment rate.

Transcribed Image Text:

Economic Information They expect inflation to average 4% annually. They expect Sarah's salary to increase each year by 5%. They expect Benjamin's salary to increase each year by 5%. Mortgage rates are 5.5% for a 15-year fixed and 6.0% for a 30-year fixed. Any refinancing will incur 3% of the mortgage amount as a closing cost. Economic Information They expect inflation to average 4% annually. They expect Sarah's salary to increase each year by 5%. They expect Benjamin's salary to increase each year by 5%. Mortgage rates are 5.5% for a 15-year fixed and 6.0% for a 30-year fixed. Any refinancing will incur 3% of the mortgage amount as a closing cost.

Answer rating: 100% (QA)

Okay lets break this down Inflation rate 4 annually Sarahs salary increase 5 annually Benjamins sala... View the full answer