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You are planning for your retirement in 31 years. At that time you want to...

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Accounting

You are planning for your retirement in 31 years. At that time you want to have enough saved to be able to afford to spend $60,000 per year (starting at time 32) for 15 years (if you live longer than 15 years your kids will have to support you).

How much will you need to have saved by time 31 if the expected interest rate from time 31 to 46 is 6 percent per year?

: 582,734.9410

Suppose that at time 31 you will receive a retirement bonus of $30,000 from your company. If the annual percentage rate (APR) is expected to be 7 percent, compounded monthly, from now until time 31, how much would you need to save at the end of each month in order to be able to make the desired withdrawals at retirement (i.e., in order to have $582,734.94, including the bonus, saved at time 31)?

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