Earnings rate of your retirement portfolio is 6% per year. ? You will receive an annual raise on your salary of 3% per year. ? The annual amount of money you require during retirement is 75% of what your annual salary would be if you were working. ? Your life expectancy is 80 years old. In Your Main Script: ? The following should be inputs from the user: o Initial annual salary in US dollars Age you will begin saving in years o Desired retirement age in years ?
Call a user-defined function that calculates how much money you will have in your retirement account when you die based on a savings rate. Using a for loop, call this function for the range of savings rates: 5%, 6%, 7%, 8% 9% 10% ? Based on the balance returned by the function for the rates above, determine the lowest savings rate you could use so that you die with money left in your account . Use a display statement to display that rate to the user in the Command Window. ? Make a plot of the amount in your bank account each year as a function of the years. Hold this plot "on" through all calls to your function so that you get a different line for each savings rate. ssigned: 03.01.13 ME208: HW6 Due: Part a 03.04 8:00AM 10 Points Part b 03.06 8:00AM Part c 03.08 8:00AM 2 In Your Function File: ? Your script file should pass a savings rate, annual salary, age to begin saving, and desired retirement age into the function and the function should return the final account balance at the age of death ?
Use a for loop to calculate the balance of your account each year from the age you start saving to death o At the start of your first year, your account balance is zero. While you are working, you should save a percentage of your income During retirement you will spend 75% of what your salary would have been that year if you were still working o Your possibly salary will increase each year by the 3% inflation rate o Your retirement balance will also increase by the 6% earnings rate each year Given Equations?