Joe's starting salary is $80,000 per year. He plans to put 12% of his salary each year into a mutual fund. He expects his salary to increase by 5% per year for the next 30 years, and then retire. If the mutual fund will average 7% annually over the course of his career, how much money will he have to retire on?

Answer rating: 100% (QA)

ANSWER IS To calculate Joes retirement savings we need to consider his annual contributions and the ... View the full answer