About the retirement plans

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Reference no: EM131285475

Many retirement plans suggest that you should create a lump sum of cash to generate enough interest income equal to about 80% of your current income of $70,000. Calculate how much money you would have to save each month from now until retirement in order to achieve a lump sum large enough to yield interest income equal to 80% of your current income at and interest rate of 5.47%. How much would you need to save each month? Let’s discuss.

Reference no: EM131285475

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