Reference no: EM132491076
You are trying to decide how much to save for retirement. Assume you plan to save $8000 per year with the first investment made 1 year from now. You think you can earn 8.0?% per year on your investments and you plan to retire in 42 years immediately after making your last $8 000 investment.
a. How much will you have in your retirement account on the day you? retire?
b. If, instead of investing $8 000 per? year, you wanted to make one lump sum investment today for your? retirement, how much would that lump sum need to? be?
c. If you hope to live for 18 years in? retirement, how much can you withdraw every year in retirement? (starting one year after? retirement) so that you will just exhaust your savings after 18 withdrawals? (assume your savings will continue to earn 8.0?% in? retirement)?
d. ? If, instead, you decide to withdraw ?$487000 per year in retirement? (again with the first withdrawal one year after? retiring), how many years will it take until you exhaust your? savings?
e. Assuming the most you can afford to save is $1 600 per? year, but you want to retire with ?$1 000 000 in your investment? account, how high of a return do you need to earn on your? investments?
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