Reference no: EM131964391

You are doing some long-range retirement planning. On the day you retire (27 years from now) you want to be able to withdraw $200,000. Then, you want to withdraw the following amounts at the end of each year after that (during your retirement period). Years 1-5 $140,000 Years 6-9 $160,000 Year 10 $250,000 Years 11-22 $145,000 At the end of the 22nd year in retirement, you’d like to have $375,000 remaining in your retirement account available for withdraw. During your retirement years, you anticipate earning a 4.5% rate of return. You currently have $100,000 that you are going to use to start your retirement savings today. In addition, you plan to save $350 at the end of every other week for the next 15 years. At that point (15 years from today) you will add another $125,000 to your retirement fund. Then, over the remaining 12 years, how much must you save at the end of every other week to reach your goal if you earn 9.3% as a rate of return during the first 15 years and 7.8% over the final 12 years in which you are saving for retirement? (Hint – Your final answer should somewhere between $600 and $800 if you did this correctly).