Louisiana State University, Shreveport FIN FIN 701 You are saving for retirement and you can afford to save \$10,000…

Louisiana State University, Shreveport FIN FIN 701 You are saving for retirement and you can afford to save \$10,000…

You are saving for retirement and you can afford to save \$10,000 every year, starting one year from today. If you invest for 35 years at an annual interest rate of 7.75% per year, how much will you have saved for your retirement? Hint, this is the FV of an annuity. You may want to solve parts (c) and (e), then come back and solve (b) and (d), which are annuities due.

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Louisiana State University, Shreveport FIN FIN 701 You are saving for retirement and you can afford to save \$10,000…
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(b) How much would you have in your retirement account if you began these same 35 annual payments immediately?

c) Now let’s look at things a little differently. Suppose that once you retire, you want to be able to withdraw \$55,000 per year (starting one year from your retirement) for a total of 20 years. How much would you need to have in your account when you retire to make this work assuming an annual interest rate of 7.75%? Hint: PV of an annuity.

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