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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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Please find xxxxxxxx file for solution.

Regards,

Asma

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Today xx your birthday xxx xxx xxx xxx xxx xxx xxx planning your retirement and have xxxxxxx xxxx xxx xxx save xxxxxxxxx per xxxx to go xxxxxx your retirement. The xxxx is xx xxxx your first xxxxxxx xxx xxxx xxxx xxxxxx You found x xxxxxx fund xxxx xx xxxxxxxx to xxxxxxx x return xx xxxx xxx xxxxx You plan to xxxxxx at the age of xxx xxxxxxx xx xxxxx xxxx today. It is your xxxxxxxxxxx xxxx you xxxx xxxx for 25 years after your retirement. xxxxx these assumptions, how much can xxx spend xxxx year after you xxxxxxx Your xxxxx xxxxxxxxxx will be xxxx xx the xxx of xxxx first retirement xxxxx

�S x R[(1+i)^n - 1]/i

Where,�S = xxx xxxxxxxxxxx xxxxxxx = the annual deposit�i x the decimal xxxxxxxx rate xxx year�n = xxx xxxxxx xx xxxxxxxxxxxx

S= R[(1+i)^ -1]/i

x = \$8000 [(1+ 0.075)^28- xxxxxxxxx

xx xxxxxxxxxxx x \$701360

xxxxxxx xxxxxx xx xxxxxxxxxxxx xx \$701360

xxx annual payout of this annuity derives xxxxxxx�R x xxxxx - (1+i)^(-n)] xxxxxxxx (d) as the correct xxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxx

R x xxxxxxx

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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

xxxxxxxxxxxxxx
 Today is xxxx xxxxxxxx and you xxx xxx 37! xxx xxx xxxxxxxx your xxxxxxxxxx xxx have xxxxxxx that you xxx save xxxxxxxxx xxx xxxx xx xx toward xxxx retirement. xxx plan is xx xxxx your xxxxx xxxxxxx xxx year from xxxxxx xxx xxxxx x xxxxxx xxxx that xx expected to provide x xxxxxx of xxxx xxx xxxxx You xxxx to xxxxxx xx xxx age xx xxx exactly xx xxxxx xxxx xxxxxx xx is your expectation xxxx xxx will xxxx xxx 25 xxxxx after your retirement. Under xxxxx xxxxxxxxxxxx xxx much can you spend xxxx year xxxxx xxx retire? Your first xxxxxxxxxx will xx made at the end of your xxxxx xxxxxxxxxx xxxxx xxxxx we need xx xxxxxxxxx the xxxxxx value xx xxx xxx xx xxx xxx for 28 years xx \$8,000 xxxxxx xxxxxxx Rate xxxxx Period, xxxx x 28 xxxxx xxxxxxxx xxx = xxxxx Present xxxxx x x Future xxxxx x xxxxxxxxxxxxxxxxx xxxxxxxxxxxx xx excel xx xxxxxxxxx xxxxxxxxxxx xx spending xxxx xxxx after xxxxxxxxxx Present value x -701434.4793135169 xxxx 7.50% Period, xxxx = xx xxxxx xxx x xxxxxxxxxxxxxxxx xxxxxxxxxxxx xx xxxxx xxx function) xxxxx xxx xxx xxxx xxxxxxxxxx xxxx the xxxxxxx xxxx xxxx after her xxxxxxxxxx xx xxxxx the xxxxxxx xxxx to zero by the xxx xx her xxxxx

# xxxxxx

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