Tina is exactly 25 years old and has already accumulated $18,000 of retirement savings. Her goal is to retire at age 65 with total savings that will have the purchasing power of $425,000 in current dollars. Assuming an inflation rate of 1.6% per year, how much does Tina need to save at the end of every month from age 25 to 65 to reach her goal if her savings earn 6% compounded quarterly? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Tina needs to save
Tina is exactly 25 years old and has already accumulated $18,000 of retirement savings. Her goal is to retire at age 65 with total savings that will have the purchasing power of $425,000 in current dollars. Assuming an inflation rate of 1.6% per year, how much does Tina need to save at the end of every month from age 25 to 65 to reach her goal if her savings earn 6% compounded quarterly? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Tina needs to save
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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