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How much money must save in order to earn

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Reference no: EM132929723

Suppose you've started planning your retirement and you want to live in retirement only on your investment earnings. During retirement, you want to earn $50,000 per year before taxes and you figure your investments during retirment will earn 5 percent per year.

You save $40,000 per year for the next 10 years until you retire. While saving you expect your portfolio to earn 9.2 percent per year, compounded annually.

Problem 1: How much money must you save in order to earn $50,000 during retirement?

Reference no: EM132929723

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