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akch2002
akch2002, Engineer
Category: Homework
Satisfied Customers: 3113
Experience:  Home work expert
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You have just turned 26, and you intend to start saving for

Customer Question

You have just turned 26, and you intend to start saving for your retirement. You plan to retire in
43 years when you turn 68. During your retirement you would like to have an annual income of
$120,000 per year for the next 27 years (until age 95).

Calculate how much you would have to save between now and age 68 in order to finance your
retirement income.
Make the following assumptions:
• All savings draw compounded interest of 10 percent per year.
• You make the first payment today and the last payment on the day of your turn 68 (43 annual end of the year payments).
• You make the first withdrawal when you turn 68 and the last withdrawal when you turn 95
(27annual withdrawals).
Submitted: 5 years ago.
Category: Homework
Expert:  akch2002 replied 5 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Customer: replied 5 years ago.

 

Sorry

 

Chris is helping me with these answer.

 

Thank you.

Expert:  akch2002 replied 5 years ago.
You should have waited for my answer before re floating this question. If answers from both experts are same, whose answer you will accept.
Customer: replied 5 years ago.

 

I had sent the answer 4 days ago, you guys need to cordinated who should work in the questions. so far crist is the one who reply accurate answer.


Thank you.

Customer: replied 5 years ago.

 

I had sent the questions 4 days ago, you guys need to cordinated who should work in the questions. so far crist is the one who reply accurate answer.


Thank you.

Expert:  akch2002 replied 5 years ago.
I hereby withdraw my answer.

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