Joseph hopes to retire in 35 years. He has the expectation that long-term average inflation will be 3.5%. Joseph wants to receive income of what is equivalent today to $30,000 annually. What will be the future value of the amount Joseph wishes to receive? In other words, how much will Joseph need in 35 years to have that amount?

Answer rating: 100% (QA)

Solution Generally interest involved f... View the full answer