Assume that you are 41 years old today, and that you are planning on retirement at age 65. Your current salary is $14000
Posted: Wed Mar 09, 2022 8:45 am
Assume that you are 41 years old today, and that you are
planning on retirement at age 65. Your current salary is $140000
and you expect your salary to increase at a rate of 2% per year as
long as you work. To save for your retirement, you plan on making
annual contributions to a retirement account. Your first
contribution will be made on your 42st birthday and will be 15% of
this year's salary. You expect to deposit 15% of your salary each
year until you reach age 65. Assume that the rate of interest is
4%.The present value (PV) (at age 41) of your retirement savings is
________.Note: Express your answers in strictly numerical
terms. For example, if the answer is $500, write enter 500 as
an answer.
planning on retirement at age 65. Your current salary is $140000
and you expect your salary to increase at a rate of 2% per year as
long as you work. To save for your retirement, you plan on making
annual contributions to a retirement account. Your first
contribution will be made on your 42st birthday and will be 15% of
this year's salary. You expect to deposit 15% of your salary each
year until you reach age 65. Assume that the rate of interest is
4%.The present value (PV) (at age 41) of your retirement savings is
________.Note: Express your answers in strictly numerical
terms. For example, if the answer is $500, write enter 500 as
an answer.