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This is the full questions no more details. take any amount you need to accomplish this...

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Finance

This is the full questions no more details. take anyamount you need to accomplish this problem.

1. Choose a salary that you want to have at age 25.Assume that you get raises that keep up with the cost of inflation.Assume that you contribute 10% of your income to your retirementplan. Assume your own rate of return on your money.

How much do you need to have saved if you retire at 40and live to 90?

How much do you need to have saved if you retire at 65and live to 90?

Note: Show all of your calculations

Answer & Explanation Solved by verified expert
4.5 Ratings (1046 Votes)
The salary now at age 25 is assumed to be 60000 Nominal rate of return on money is assumed to be 9 It is given in the question that raises keep up with inflation This means that the real salary remains constant If I retire at 40 and    See Answer
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Transcribed Image Text

This is the full questions no more details. take anyamount you need to accomplish this problem.1. Choose a salary that you want to have at age 25.Assume that you get raises that keep up with the cost of inflation.Assume that you contribute 10% of your income to your retirementplan. Assume your own rate of return on your money.How much do you need to have saved if you retire at 40and live to 90?How much do you need to have saved if you retire at 65and live to 90?Note: Show all of your calculations

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