Jar-Jar Binks wants to set up his retirement fund so that he receives $3550 per month. Based on the life expectancy of a typical male Gungan, Jar-Jar expects to live 20 years after he retires. He'll continue to work for another 48 years. Assume he can get 4% rate compounded monthly for the savings/investments during his whole lifetime and wants to have $50, 000 in the account at the end (just in case)? (a) What amount does Jar-Jar need at the time of retirement in order to meet his retirement goals? $ (b) What monthly payment does Jar-Jar need to make in order to meet his retirement goals? $ per month
Jar-Jar Binks wants to set up his retirement fund so that he receives $3550 per month. Based on the life expectancy of a typical male Gungan, Jar-Jar expects to live 20 years after he retires. He'll continue to work for another 48 years. Assume he can get 4% rate compounded monthly for the savings/investments during his whole lifetime and wants to have $50, 000 in the account at the end (just in case)? (a) What amount does Jar-Jar need at the time of retirement in order to meet his retirement goals? $ (b) What monthly payment does Jar-Jar need to make in order to meet his retirement goals? $ per month
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