## (Solved) FINANCE 4303- Jose, currently saves \$13500 per year in his retirement account

I need the steps on how to calculate this:1. Jose, currently saves \$13500 per year in his retirement account which is expected to earn 5% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annualamount needed during retirement would be \$47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Calculate the lump sum amount required at the beginning of retirement to fund his post retirement period2. Jose, age 25, currently saves \$7000 per year in his retirement account which is expected to earn 5% return. Jose is planning to retire at 62 and needs to fund his retirement upto age, 85. He has estimated that the annualamount needed during retirement would be \$47,000 in today's dollar terms. The inflation rate is expected to be 1.5%. Calculate the shortfall (if any) in his retirement account at the beginning of retirement.

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This question was answered on: Oct 15, 2019

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