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5. You are 25 yrs old. You plan to retire at age 65. You plan...

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Accounting

5. You are 25 yrs old. You plan to retire at age 65. You plan to live until you are 90 years old. At age 65, you want $45,000 a year for living expenses. You currently have saved $5,000 for retirement (seed money). You have selected 5% as your hurdle rate. In addition to the $5,000 lump sum that will accrue 5% until retirement, how much money do you need to save each year for age years 25 thru 65 to meet this retirement goal?

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