Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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Explain to a friend or relative how you would use the TVM concept to achieve their desired retirement amount. How much would they need to retire? How would you develop a savings plan using that number? Use Excel to calculate and explain the numbers when posting to the forum. Include the interest rate and investment. Starting amount is 45,000 at age 30 with the retirement age of 67
Use a financial calculator or computer software program to answer the following questions:
a) Melanie is trying to save money for retirement and has a future goal of $750,000 at the end of 20 years. Determine the present value of her goal using a discount rate of 12%. b) How would the present value change if the $750,000 is to be received at the end of 15 years instead? Explain the impact and show your work?
Use a financial calculator or computer software program to answer the following questions:
Melanie is trying to save money for retirement and has a future goal of $600,000 at the end of 20 years. Determine the present value of her goal using a discount rate of 11%.
How would the present value change if the $600,000 is to be received at the end of 15 years instead? Explain the impact and show your work?
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