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What percentage of salary must save each year

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Question 1. You wish to buy a $124,000 Tesla. If you believe your mutual fund can achieve a 12 percent annual rate of return and you want to buy the car in 9 years on the day you turn 30, how much must you invest today?

Question 2. You have 40 years until retirement and want to retire with $5 million. Your salary is paid annually, and you will receive $50,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn an annual return of 9 percent on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?

Reference no: EM132585014

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