Question: using the pv of a growing annuity formula answer this: You are planning to retire in forty years. During retirement, you will be spending $100,000

using the pv of a growing annuity formula answer this: You are planning to retire in forty years. During retirement, you will be spending $100,000 per year, starting at the end of year 41. You plan to live for another 30 years in retirement. You are going to contribute $10,000 at the end of year 1, and then increase the contribution by 2% each year. You anticipate the effective annual interest rate (EAR) from today to the end of year 15 is 10%; the effective annual interest rate (EAR) from the end of year 15 to year 40 is 8%, and the effective annual interest rate (EAR) from year 40 through retirement is 6%. ( (b)What is the present value of your savings before retirement?

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