Hello can you please walk me through how to do this the annual income is 113,300 It is wise to set aside 7.5% of gross monthly income for 401 k investment. Assume the investment earns a 5% annual return and use Excel to determine the balance after 40 years for the unskilled worker and for your expected income. Then use Excel to determine how many years it would take for the unskilled worker and for your expected investment to reach $500,000.

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.