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Calculate the amount Jeff needs to have saved

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Question - Jeff plans to retire at age 60. He wants to create an annuity fund, which will pay her a monthly allowance of $4000 during her retirement. He wants to save enough money so that the payments last for 30 years. A financial advisor has told him that he can expect to earn 5% interest on her funds, compounded annually.

Calculate the amount Jeff needs to have saved into her annuity fund, in order to meet her retirement goal.

Jeff has just turned 28 years old. He currently has no retirement savings. He wants to save part of his salary each month into his annuity fund.

Calculate the amount Jeff needs to save each month, to meet his retirement goal.

Reference no: EM133150913

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