Question 1
Assume your goal in life is to retire with $2,800,000. How much would you need to save at the end of each year if interest rates average 10% and you have a 30-year work life? (Round the final answer to the nearest whole dollar.)
◦ $9333
◦ $17,022
◦ $186,667
◦ $160,464
Question 2
Assume your goal in life is to retire with 1 million dollars. How much would you need to save at the end of each year if investment rates average 5% and you have a 16-year work life?
◦ $3125
◦ $42,270
◦ $458,112
◦ $125,000