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How much mr del valle must save over the next eight years

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Reference no: EM132825118

Problem 1: Mr. Del Valle is 54 years old and plans to retire in eight years. He wants to live at least 20 years after he retires. He has $125,000 in savings and expects to get 7% annual interest. He expects to have an income of $45,000, the same income he currently receives for the work he does. Del Valle will begin receiving his benefit after 8 years fortnightly (24 payments per year) after he retires. Annual inflation is expected to reach 5%. Determine how much Mr. Del Valle must save over the next 8 years to meet the retirement goal.

Reference no: EM132825118

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