Mr. Smith is 35 years old. He has the following 2 goals: First goal: To retire when he is 60 years old. He expects to live up to 80 years old. He projects his annual retirement spending to be $200,000 in today's value. He will withdraw the annual spending at the beginning of each year when he retires. Second goal: To leave an amount of $5,000,000 to his son when he passes away when he is 80 years old. He has set up an investment account for the above2 goals a few years ago. Currently, there is $400,000 in that investment account. The rates of return for the investment account are expected to be 4% p.a. before he retires and 3% p.a. after his retires. If inflation rate is expected to be 2% p.a., how much should he save at the end of each year from now until he retires to achieve his goals?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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