Question: I am trying to teach myself how to do some class problems on retirement money management. Can someone walk me through the math formula(s) to

I am trying to teach myself how to do some class problems on retirement money management. Can someone walk me through the math formula(s) to accomplish these 2 things? Thank you!

1. My Million Dollar Baby Retirement Plan

Time to retirement: 40 years

Savings Goal: $1,000,000 by then.

Annual Deposits: ??

Rate: 6%

Compounding Periods: 1

Annual increase in payment: 2%, (the second annual deposit will be 2% greater than the first, the third will be 2% greater than the second, and so on)

How much must my first deposit be if I am to meet my goal?

2. I begin saving for retirement:

Annual deposit: $6000

Return 8%

Start Age: 25

Retirement age: 65

Total Annual Payments: 40

Life expectancy: 80

Age at first withdrawal: 66

Age at last withdrawal: 80

How much can I spend each year after I retire?:_____________

Thank you!

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