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How much will inheritance be worth by the time retires

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Point 1. Ms. Dayton who 25 years old plans to retire at the age of 60. Ms. Dayton would like to be able to withdraw $150,000 per year from her retirement account for 40 years after retirement beginning a year after her retirement. She is also expecting an inheritance of $55,000 to be transferred to her on her 30th birthday.

Question a. How much does she need to have in her retirement account by retirement date if the interest rate is 6% per year during the post-retirement years?

Question b. How much will her inheritance be worth by the time she retires?

Question c. Suppose she already has $15,000 in her retirement investment account that will earns 9% per year until she retires. What will be the value of this amount by her retirement date?

Question d. Given her goal, her expected inheritance, and the investment she already has, how much does she need to invest per year from now till retirement (at 9% annual rate of return) in order to reach her retirement goal?

Reference no: EM132483440

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