Living in retirement 25 years Retirement age 65 Annual income $100,000 Interest Rate 6% Need 2 million to live comfortably What is the present value of the retirement income needs? ( this is how much you will need k retirement savings on the day you retire in order to meet your goals) How much must you save each year (or each month) during your working years to meet this goal? ( compute the required payment to achieve a future value equal to the amount you need to have on the day you retire, which was computed above) Is the goal realistic?
Living in retirement 25 years Retirement age 65 Annual income $100,000 Interest Rate 6% Need 2 million to live comfortably What is the present value of the retirement income needs? ( this is how much you will need k retirement savings on the day you retire in order to meet your goals) How much must you save each year (or each month) during your working years to meet this goal? ( compute the required payment to achieve a future value equal to the amount you need to have on the day you retire, which was computed above) Is the goal realistic?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Living in retirement 25 years
Retirement age 65
Annual income $100,000
Interest Rate 6%
Need 2 million to live comfortably
What is the present value of the retirement income needs? ( this is how much you will need k retirement savings on the day you retire in order to meet your goals)
How much must you save each year (or each month) during your working years to meet this goal? ( compute the required payment to achieve a
Is the goal realistic?
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