I would like to be able to withdraw 75000 from my bank account each year with an interest rate of 5% . I would like to r

[answerhappygod]

I would like to be able to withdraw 75000 from my bank account each year with an interest rate of 5% . I would like to retire in 30 years.
Given the information above, how much would you need to save each month to reach your goal.
2) With the savings plan you developed, the monthly payments might be difficult to maintain or to pay at all. Suppose you decide to work for 5 more years until you retire.
a. What are your monthly payments with this plan?
b. How much more or less will you need to save compared to your discussion example? c. How much interest will you earn?
3) What if I worked for 40 years to save for retirement Using the amount you want to live off each year assuming you could work 40 years earning 6.5% interest.
a. How much would you have to save each month
b. how much interest will you earn. Based on. my answers. what is one piece of advice you will give a recent college graduate regards to saving for retirement.
**Reminder: Be sure to “talk through” the steps you are taking when working through the formulas.