Is there a set age when you would like to retire? Complete worksheet 2.3 based on this desired age for retirement.
Number of years from retirement: 43 years
Desired amount of retirement savings: $1 Million
Given a 5% annual interest rate, use the FVIFA table (page 434) or formula to calculate how much money you need to save per year. $______________
Given a 7% annual interest rate, use the FVIFA table or formula to calculate how much money you need to save per year. $______________
Given a 10% annual interest rate, use the FVIFA table or formula to calculate how much money you need to save per year. $______________