Your retirement account the equivalent worth

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Reference no: EM131887562

You garduated at age 25 and employed at a job that pay 60,000/year. assume you will never change companies. furthermore, the company will give you 3%raise each year. the company has a 401K program, which cntributes a total of 10% of your salary into a retirment account that you manage. for the first 5 years, you will be able to save an additional $1000 a year.

Determine how soon you can retire? you can assume that you will die at age 80, and you need to be able to withdraw from your retirement account the equivalent worth of $40,000 in today's dollar. assume that the inflation rate is 2% and that you invest all money inot the stock market, which earns 7% annually.

Reference no: EM131887562

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