In week 4, you were asked to provide a dollar amount for how much money you felt you would need to retire at age 67. In week 6, you were asked to evaluate and critique someone else’s post based on the information they had provided. In week 10 post, you are to calculate how much money would need to be invested monthly (starting now) in order to have the desired amount at retirement. ( 1 million dollars for reference)
You will need to use the savings plan formula provided in 4C to complete the assignment. You will also need to contact a local bank (or online) for the interest rate on a retirement account (IRA, 401K, etc). Provide what, when and where the rate was obtained. Then using monthly compounding, calculate what the monthly payment needs to be in order to have the given amount at age 67. Be sure to first identify what all the respective variables are ( A, APR, N, Y). You can use the year as 30 (unless a specific age was given in the post, and you will have to then determine Y).
If no dollar amount was actually given, you can use $500,000 as the desired amount. You may have to look in either Week 4 or Week 6 response post for that information.
