Question: Solve using EXCEL You have 2 siblings Jack and Andy. Your siblings are 38 years and each of them wishes to retire when they are
Solve using EXCEL
You have 2 siblings Jack and Andy. Your siblings are 38 years and each of them wishes to retire when they are 68 years old. Jack and Andy expect to live for 25 years after they retire. During retirement, Jack wishes to receive an income of $90,000 per year. The payments will be made at the beginning of the year. Andy also wishes to receive an immediate payment of $90,000 when he retires. However, he wants his annual payments to increase by 3% per year after the initial payment. Both Andy and Jack will receive a total of 30 annual payments. Jack and Andy believe that the rate of return during retirement will be 4% compounded annually. What is the amount they each need at retirement?
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