Solution-How much money will have accumulated thirty years

How much money will have accumulated thirty years

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Reference no: EM132738633

Problem a) You believe you will need to have saved $500,000 by the time you retire in 40 years. If the interest rate is 4% per year, how much must you save each year until retirement to meet your retirement goal?

Problem b) A couple thinking about retirement decides to put aside $3,000 each year in a savings plan that earns 8% interest. In 5 years, they will receive a gift of $10,000 that also can be invested. How much money will they have accumulated 30 years from now?

Problem c) If the couple in (b) has a goal to retire with $800,000 of savings, how much extra do they need to save every year?

Reference no: EM132738633

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How much money will have accumulated thirty years

Reference no: EM132738633

Reference no: EM132738633

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