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Unit 2 Challenge Problem Today is your birthday and you are now 37! You are planning your retirement and have...

Unit 2 Challenge Problem

Today is your birthday and you are now 37! You are planning your retirement and have decided that you can save $8,000.00 per year to go toward your retirement. The plan is to make your first deposit one year from today. You found a mutual fund that is expected to provide a return of 7.5% per year. You plan to retire at the age of 65, exactly 28 years from today. It is your expectation that you will live for 25 years after your retirement. Under these assumptions, how much can you spend each year after you retire? Your first withdrawal will be made at the end of your first retirement year.

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Submitted by Asma on Fri, 2012-02-10 13:38
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Unit 2 Challenge Problem

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xxxxxx xxxx xxxxxxxx xxxx xxx solution.

Regards,
xxxx

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Today is your birthday and you are now 37! xxx are xxxxxxxx your retirement and xxxx decided that xxx xxx xxxx xxxxxxxxx xxx xxxx to xx toward your xxxxxxxxxxx The xxxx is xx make your first deposit xxx year from today. You found a mutual xxxx xxxx is expected xx provide x return xx 7.5% xxx year. xxx xxxx to retire at the xxx of 65, xxxxxxx xx xxxxx from today. It is your xxxxxxxxxxx xxxx xxx xxxx live xxx 25 years xxxxx your xxxxxxxxxxx Under these assumptions, xxx xxxx can you spend each xxxx after xxx xxxxxxx Your xxxxx xxxxxxxxxx xxxx xx made xx the xxx xx your xxxxx xxxxxxxxxx year.

xxxx = xxxxxxxxx x xxxx

xxxxxxxxxx x xxx accumulated xxxxxxx x xxx annual xxxxxxxxxxx x xxx decimal interest rate per xxxxxxxx x the xxxxxx of deposits�

S= xxxxxxxx -1]/i

x x xxxxx [(1+ xxxxxxxxxx xxxxxxxxx

xx $8000*87.67 = $701360

xxxxxxx yields xx accumulation of $701360

xxx xxxxxx xxxxxx xx xxxx xxxxxxx xxxxxxx from��R = Pi/[1 x xxxxxxxxxxx xxxxxxxx xxx xx xxx xxxxxxx answer.�R= $701360/[1-(1+0.075)^-25]

x x $62919


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Answer
Submitted by limra on Sat, 2013-08-17 02:16
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solution with workings in excel using excel functions

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Sheet1

xxxxxxxxxxxxxxxxx
xxxxx is your xxxxxxxx xxx you are xxx xxx xxx xxx xxxxxxxx your xxxxxxxxxx xxx xxxx decided that you can xxxx xxxxxxxxx per xxxx xx go
xxxxxx xxxx retirement. xxx plan xx to xxxx your xxxxx deposit one year from xxxxxx You xxxxx a xxxxxx fund xxxx xx expected to xxxxxxx
a return xx xxxx per year. You plan to xxxxxx xx the age of 65, xxxxxxx 28 years xxxx today. It is xxxx expectation xxxx you will live for xx
xxxxx after xxxx retirement. Under these xxxxxxxxxxxx xxx much can you xxxxx xxxx year xxxxx you xxxxxxx Your first xxxxxxxxxx xxxx
xx xxxx xx xxx xxx xx your xxxxx xxxxxxxxxx year.
xxxxx xx need xx calculate xxx future value at the xxx xx xxx 65, for 28 years of xxxxxx xxxxxx xxxxxxx
Rate7.50%
Period, xxxx = xxyears
xxxxxxxx PMT xxxxxx
xxxxxxx xxxxx =x
xxxxxx value x xxxxxxxxxxxxxxxxxxxxxxxxxxxxx xx excel FV function)
xxxxxxxxxxx xx xxxxxxxx xxxx xxxx xxxxx retirement
Present value =xxxxxxxxxxxxxxxxxx
Rate xxxxx
xxxxxxx xxxx = 25years
xxx = 62926.1582572936xxxxxxxxxxxx xx xxxxx PMT function)
xxxxx xxx xxx xxxx xxxxxxxxxx from xxx xxxxxxx xxxx xxxx after her retirement to xxxxx xxx account down xx zero by the end xx xxx life.

xxxxxx

Sheet3


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