Question
In: Finance
23 years old, makes $14 per hour (8hour), works for 5 days a week. Please use...
23 years old, makes $14 per hour (8hour), works for 5 days a week. Please use this information for the following questions. The answer to number 6 is $1,095,657.55 and The answer to number 5 is $80,620.37
7.How much do you need to save per month (at the end of each month) in an investment earning 7% per year now to reach the amount in Question 6 by age 65? Assume you have no money now in the investment.
8.Then How much do you need to save per month (at the END of each month AND calculate the BEGINNING of each month) in an investment earning 7% per year now to reach the amount in Question 6 by age 65? Assume you have no money now in the investment.
10.Calculate the amount you need at age 65 to retire to receive a perpetuity of 80% of Age 65 Salary (Question 5) income per year forever. You will invest this amount at 4% interest and receive your first perpetuity payment at Age 66.
Solutions
Expert Solution
| Q No | ||
| 7 | Amount to save at end of each month | $359.97 |
| 8 | Amount to save at end of each month | $359.97 |
| Amount to save at beginning of each month | $357.89 | |
| 10 | Salary required | 64496.30 |
| Amountrequired at age 65 | 1612407.40 |
WORKINGS
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