Assignment task: You are saving for retirement. Use the following information to answer the question.
a. Using the salary $5,560,086.565, assume your average salary increase is 2.9% per year.
b. Assume that you save in a 401(k) type account the average of your first and last year's salary at 15% each year (similar to the way you did expenses). To estimate contributions, you can take the average of the first year working contribution and the last working year contribution and assume that is the value for each year's contribution during your career.
c. You earn 7.5% throughout your working life.
Will you have enough in retirement (tell me how much you will have)?
How much in total can you leave your heirs to exactly meet your longevity goal?