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  3. given the following data: (assume annual compoundi

Given the following data: (Assume annual compounding or discounting) (Assume that all payments are end...

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Finance

Given the following data: (Assume annual compounding or discounting)

(Assume that all payments are end of the year payments)

Annual Retirement Income Needed $120,000/Year

Years until Retirement 30

Years in Retirement 25

Rate of Return before Retirement 9.00%

Rate of Return during Retirement 6.00%

(a)

Calculate the Savings Required at Retirement

(b)

Calculate equal annual Investment Required prior to retirement to accumulate the amount needed for retirement

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