*please show how to do on a financial calculator with N, I, PMT, PV, and FV buttons if possible*Use the following information to answer questions 15-17
You want to retire in 35 years. To fund the retirement, you deposit $25,000 into an account now,
and you deposit $20,000 five years from now. You also plan to save an equal amount each year
between now and 35 years from now. Once you retire, you want to withdraw $85,000 at the end
of each year for 25 years. r=6%.
Question 15:
How much money must be in your account at the time of retirement to cover your retirement
needs? You will need $
in the account in 35 years to cover
your needs.
Answer:
Question 16:
You need to save at the end of each year for the next 35 years $
per year.
Answer:
Question 17:
How does your answer change is you earn 8% during your working years over the next 35
years, but only 6% once you retire You need to save at the end of each year for the next 35
years? :
per year.
Use the following information to answer questions 15-17 You want to retire in 35 years. To fund the retirement, you deposit $25,000 into an account now, and you deposit $20,0o0 five years from now.You also plan to save an egual amount each year between now and 35 years from now. Once you retire, you want to withdraw $85,000 at the end of each year for 25 years. r=6%
35
Question 15: How much money must be in your account at the time of retirement to cover your retirement needs? You will need $ in the account in 35 years to cover your needs.
Answer:
Question 16: You need to save at the end of each year for the next 35 years $ per year.
Answer:
Question 17: How does your answer change is you earn 8% during your working years over the next 35 years, but only 6% once you retire You need to save at the end of each year for the next 35 years? $ per year.