You are 20 years old and are looking to start saving for retirement. You currently do not have any other savings and will start making retirement savings contributions at the end of each month, starting 1 month from today, into an account earning a 6% APR. You come across this video (linked below) which shows the monthly savings required in order to retire at age 67 with $1 million, $2 million and $3 million.

https://www.cnbc.com/2021/09/07/the-best-way-to-invest-for-retirement-2021-how-to-save-1-million.html

a. Replicate the computation of the monthly savings shown in the video that are required if you are 20 years old and want to retire with:

1. $1 million

2. $2 million

3. $3 million

b. If you were to make a single retirement savings contribution today instead of monthly contributions, how much would you need to contribute today in order to retire with:

1. $1 million

2. $2 million

3. $3 million

c. If you contribute $500 per month, what rate of return (APR) would you need to earn in order to retire with:

1. $1 million

2. $2 million

3. $3 million

Answer rating: 100% (QA)

Given Current Age 20 Years Contribution up to the age of 67 so term of years 47 Years Annual percentage rate 6 Future value of annuity C1immn 1im a Replicate the computation of the monthly savings sho... View the full answer