Suppose you want to retire in 30 years. When you retire you will need $74,127.00 per...
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Suppose you want to retire in 30 years. When you retire you will need $74,127.00 per year to spend. You expect to live for 31 years in retirement. At the end of 31 years, you want to leave $962,743.00 to your grandchildren. You received a signing bonus of $35,051.00 which you will start with today. If you can earn 5.10% interest while working and 4.60% while retired, how much do you need to save per year to meet your retirement needs? Suppose you want to retire in 30 years. When you retire you will need $74,127.00 per year to spend. You expect to live for 31 years in retirement. At the end of 31 years, you want to leave $962,743.00 to your grandchildren. You received a signing bonus of $35,051.00 which you will start with today. If you can earn 5.10% interest while working and 4.60% while retired, how much do you need to save per year to meet your retirement needs?
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To determine how much you need to save per year to meet your retirement needs we can calculate the annual savings required using the present value of ... View the full answer
Related Book For
Personal Finance Turning Money into Wealth
ISBN: 978-0134730363
8th edition
Authors: Arthur J. Keown
Posted Date:
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