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How much would tom holland have in his retirement

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Question - Lets say that Tom Holland is now 20 years old and he would like to retire at about 60. He would like to start saving for his retirement, so his first deposit will be when he turns 21. If Tom Holland expects live up to the age of 100 years old, as he believes he will need $100000 per yr to live appropriately.

Tom Holland expects his various investments to earn about a 12% return per yr, which is compounded semi-annually, where payments are at the end of the year.

Assuming all payments are at the end of the yr, how much would Tom Holland need to save every year until his retirement?

Assume that at the age of 45, Tom Holland inherits about $75000 which he would put into his retirement. (Assume he pays the same amount in his retirement in the previous part). How much would Tom Holland have in his retirement at the age of 60? If Tom expects to live to 100, how much would he have as retirement income per yr from the age of 60 - 100?

Reference no: EM133078183

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