# Using the concept of TVM, you can calculate the amount I need to save each year to

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## Question:

**Using the concept of TVM, you can calculate the amount I need to save each year to reach my retirement savings goal. **

Information:

1. Current Age: 30

2. Desired Retirement Age: 65

3. Annual Salary: $65,000

4. Expected Annual Salary Increase: 3%

5. Expected Average Return on Investment: 7%

6. Inflation Rate: 2%

7. Retirement Savings Goal: $1,000,000

**Related Book For**

## Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill