Question: Exercise 8 Instructions
1. Go to CNN Money and complete the planner with your personal information. Include the information that you put on the left and the results from the right.
2. Answer the following 2 questions using time value of money (your financial calculator or Excel including inputs).
• I can only put away $2,000 a year toward retirement. I am 25 and plan on retiring at 65 and earning 5%. How much will I have at retirement?
• I want to be able to have $50,000 a year during retirement. I want to make sure that I can have it until I am 100 years old. I plan to retire at 65. I can earn 5%. How much do I need to have at retirement to be able to make it?