To meet your retirement goals (and pay for that big trip around the world) you will...

To meet your retirement goals (and pay for that big trip around the world) you will need $85,000 in your travel account at the end of 12 years. You are able to place $2800 in to the account at the end of each year. However, you know that this won't make it. Once the estate clears, you are expecting an inheritance from you late uncle in 5 years. (start the savings account now.. 5 years from now, you will have $$ from uncle). If you can get a 4.2% rate on you account (PYCY)… how much do you need from you uncle to make work?

Is there a formula in Excel that I can use to complete this question?

Expert Solution

5 year from now we have to receive 31821.47 from uncle

as per your request calculation is shown in excel

any doubt please comment

upvote if you like the answer

jeff jeffy answered 1 year ago

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