Problem on earning a promotion

Assignment Help Management Theories

Reference no: EM131806855

Question: Julio is a good engineer, but he is uninterested in earning a promotion. Thus, his salary will stay at $60,000 per year until he retires. He currently has $82,345 in his retirement fund, which earns 7% annually. He is now 43, and he expects to live until he is 81. (He found a website that predicted his life span based on his current health and lifestyle.) If he saves 15% of his salary each year, how soon can he retire? Assume that he wants his spendable income to stay the same until he dies.

Reference no: EM131806855

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