How much must you save each year to meet retirement goal

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1. A property will provide $13,300 at the end of each year forever. If its value is $133,000, what must be the discount rate? (Enter your answers as a percent rounded to 2 decimal places.)

2. You believe you will need to have saved $440,000 by the time you retire in 40 years in order to live comfortably. If the interest rate is 7% per year, how much must you save each year to meet your retirement goal? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Reference no: EM131982656

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