Devise a savings plan for your retirement
Devise a savings plan for your retirement. Start right now with a reasonable amount that you can save per month in an annuity (use 4% annual rate for this short term annuity). Adjust your plan when your anticipated income is expected to increase (use 8% annual rate for this annuity). Compute the total amounts that you will have saved by the time you are 65 years of age. You will have two account totals for your retirement (first and second annuity) and need to add those totals together for your final balance. Determine the total interest that will be earned on your retirement accounts. You must show all your work using the formulas discussed in the chapter. The formulas may be hand-written with the appropriate numbers. Summarize and discuss your retirement plan.
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