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Finance Assignment | Professional Writing

Author:
May 30th, 2020

You are thinking about retirement and decide to put aside $3000 each year in a savings plan that earns 10% interest. In 15 years, you will receive a one-time gift of $20,000 that also can be invested.

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a. How much money will you have accumulated 30 years from now?

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b. If your goal is to retire with $800,000 of savings, how much extra do you need to save every year?

c. If you believe that you will live 15 more years after you retire, and you want to be able to spend $100,000 in each of these retirement years, how much extra do you need to save every year?

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