Reference no: EM132459270
Your friend is celebrating her birthday and wants to start saving for retirement. She has provided you with the following information:
Years until retirement: 40
Amount to withdraw each year in retirement: $150,000
Years to withdraw in retirement: 25
Interest rate while saving: 9%
Interest rate in retirement: 4%
Saved today: $50,000
First deposit will be made one year from today, and the last deposit will be made on the day she retires. Her first withdrawal will not take place until one year after she retires and she plans to spend her entire nest egg. Calculate the amount she will need to have saved on the day she retires. (Enter a positive value and round to 2 decimals)
Calculate the amount she will need to deposit each year in order to reach her retirement goal. (Enter a positive value and round to 2 decimals)
Suppose your friend has just inherited a large sum of money. Rather than making equal annual payments, she has decided to make one lump-sum deposit today to cover her retirement needs. She plans to spend what she has currently saved today on a new car. Calculate the amount she will need to deposit today to reach her retirement goal. (Enter a positive value and round to 2 decimals) = couldn't find formula to fit.
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