What is the future value of your inheritance at retirement

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You believe you will need to have saved $428,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $103,000 in 5 years. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

a. If the interest rate is 6% per year, what is the future value of your inheritance at retirement?

b. How much must you save each year to meet your retirement goal? (Assume you save your entire inheritance. This is the amount needed in addition to the inheritance.)

Reference no: EM131448441

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