Business, 12.02.2020 03:27 jaxhat646

You accepted a new job with starting salary of $65,000 per year. The salary is expected to increase 4% each year. Now it is time to make a retirement plan for the next 39 years you expect to work. Your retirement fund has an annual interest rate of 5%, and You plan to deposit 6% of your annual salary into the account. (Hint: Be sure to move all values to the same point in time for equivalency.)

a. How much money will be in your retirement account at the end of 39 years? (Hint: this is a geometric gradient problem)
b. How much can you with draw from that account each year in retirement for 25 years. Assume you will withdraw the same amount each year. (Hint: this is uniform annuity problem)

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You accepted a new job with starting salary of $65,000 per year. The salary is expected to increase...

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