You are 23 years old and need to have $1,160,000 in savings before you retire at age

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You are 23 years old and need to have $1,160,000 in savings before you retire at age 72. You estimate you will receive an annual return of 7% on investments.

a. How much do you need to put into retirement savings on an annual basis? (Input your answer as a positive value. Round your answer to 2 decimal places.)

b. How much do you need to put into retirement savings on an annual basis if you get an annual return of 9%? (Input your answer as a positive value. Round your answer to 2 decimal places.)

Posted Date: May 19, 2024 03:05 AM

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You are 23 years old and need to have $1,160,000 in savings before you retire at age

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