Miller is currently 35 years old and thinking about his pension fund and his income when he retired at age of 65. Health insurance and consultancy report shows Andrew come under the category of life expectancy of 85 years old. Andrew would like to receive $1000 a month when he retired. He expect the rate of return on his pension fund during retirement to be 11% compounding annually. How much he should has in his pension fund when he retired. How much he should save every year from now on to achieve his financial goal. Rate of return 10% compounding annually

Miller is currently 35 years old and thinking about his pension fund and his income when he retired at age of 65. Health insurance and consultancy report shows Andrew come under the category of life expectancy of 85 years old. Andrew would like to receive $1000 a month when he retired. He expect the rate of return on his pension fund during retirement to be 11% compounding annually. How much he should has in his pension fund when he retired. How much he should save every year from now on to achieve his financial goal. Rate of return 10% compounding annually

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 43P

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