How much do you need to save per paycheck to achieve goal

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Reference no: EM131188493

Please explain the work and steps. Unsure about the 40,000 and 20,000. You were saving for retirement, but then you started a family and purchased a house. You want to start saving through your paycheck (which you receive every 2 weeks). Before you stopped contributing to your retirement fund you saved $100 per paycheck for six years in an investment earning 10%. The money is this account has been earning 9% since you stopped savings. Your retirement goal is $1.25 million in 25 years and you feel that you can invest the money you will now have taken out of your pay at 7.5%. How much do you need to save per paycheck to achieve your goal? How much would you?

Reference no: EM131188493

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