I want to know the steps to get answer.
1. Your client is 40 years old; she plans to save $5000 per year staring one year from now until she is 65 years old. How much money will she accumulate in the account if she is able to earn 9% per year. Answer=$423,504
2. Use above data: If she expects to live another 20 years from the time she retires at age 65, and assuming she earn 9% on her account, how much money can she withdraw each year from her account. Answer=$46,393
3. You have saved $4000 for a down payment on your car. The most you can afford as monthly payment is $350. Loan is 12% APR. Pavement made end of each month. You are financing the car over 48 months. What is the most expensive car can you afford to buy today given this situation. Answer=17,290