QUOTE FORMULARS AS YOU CALCULATE AND PLEASE DO NOT JUMP STEP.
You have determined that you will need SEK 3,000,000 when you retire in 40 years. You plan to set aside a series of payments each year in an account yielding 3.0 % per year to reach this goal. You will put the first payment in the account one year from today, and the payments will grow with your income by 1.5% per year.
a) Calculate your first annual payment into this account.
The first annual payment is kr. (round to the nearest krona, don't use a comma as a thousand separator)
b) Calculate the last annual payment.
The last annual payment is kr. (round to the nearest krona, don't use a comma as a thousand separator)
c) You want to take out 24000 kr per month when you retire. Assuming that the money is placed in a 3.0% APR account throughout your retirement period, approximately how many months will the money last you?
The number of months the SEK 3,000,000 will last for monthly payments of 24000 kr is . (round to full month, no decimals)