50.1K

Verified Solution

Link Copied!

Miles is starting his first professional position post college. As part of the transition he has started planning for retirement. Using the input information provided, calculate his total retirement at the age of 65 (enter function in cell C15) and 70 (enter function in cell C16). His goal is to have at least $230,000 saved at retirement. Based on your calculation select the correct retirement age from the drop down menu in cell C17.

Financial inputs

Current age 21

Annual salary $85,000 (paid monthly)

Annual percentage rate on retirement account 1.75%

Contributions are a percentage of his monthly income

Contributions are made at the end of the term

X exploring?... N260Dawn. Microsoft To Of New lab X + AutoSave Jom MS100 Assignments PMTV Start- Search File Home Insert Page Layout Formulas Data Review View Help Finess Data G| ! Apps si Showdown! SAN imments 1 DATA EXCEL Reading ist X Verdiana 99 General SR Delete Paste B! UBE OA - $ - % *88-28 Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analyze Sensitivity Data Anayes Senty no Ciphard Fom Alignment Nur CAK Reskmon Trading Car.. Editing A A B C D F F G H 1 1 K M N- RADICAL RED Retirement Planning N HW Current Age Retirement age APR of retirement account Current Salary Monthly contribution percentage 21 65 1.75% $ 85,000.00 Miles is starting his first professional position post college. As part of the transition he has started planning for retirement. Using the input information provided, calculate his total retirement at the age of 65 lenter function in cell C15) and 70 lenter function in cell C16). His goal is to have at least $230,000 saved at retirernent. Based on your calculation select the correct retirement age from the drop down menu in cell C17. PKHEX 4 1 2 3 4 5 0 7 8 9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Financial inputs Current age 21 Annual salary $85,000 (paid monthly Annual percentage rate on retirement account 1.75% Contributions are a percentage of his monthly income Contributions are made at the end of the term SLIPPI Total retirement at 65 Tolal retirement al 70 Optimal retirement age Recycle Rin DESMUME BBBBB%82%B3% Instructions Mortgage calculation Retirement 1 Retirement 2 Minceraft Add-inc cace costuly + 100% X exploring?... N260Dawn. Microsoft To Of New lab X + AutoSave Jom MS100 Assignments PMTV Start- Search File Home Insert Page Layout Formulas Data Review View Help Finess Data G| ! Apps si Showdown! SAN imments 1 DATA EXCEL Reading ist X Verdiana 99 General SR Delete Paste B! UBE OA - $ - % *88-28 Format Conditional Format as Cell Formatting Table Styles Styles Sort & Find & Filter Select Analyze Sensitivity Data Anayes Senty no Ciphard Fom Alignment Nur CAK Reskmon Trading Car.. Editing A A B C D F F G H 1 1 K M N- RADICAL RED Retirement Planning N HW Current Age Retirement age APR of retirement account Current Salary Monthly contribution percentage 21 65 1.75% $ 85,000.00 Miles is starting his first professional position post college. As part of the transition he has started planning for retirement. Using the input information provided, calculate his total retirement at the age of 65 lenter function in cell C15) and 70 lenter function in cell C16). His goal is to have at least $230,000 saved at retirernent. Based on your calculation select the correct retirement age from the drop down menu in cell C17. PKHEX 4 1 2 3 4 5 0 7 8 9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Financial inputs Current age 21 Annual salary $85,000 (paid monthly Annual percentage rate on retirement account 1.75% Contributions are a percentage of his monthly income Contributions are made at the end of the term SLIPPI Total retirement at 65 Tolal retirement al 70 Optimal retirement age Recycle Rin DESMUME BBBBB%82%B3% Instructions Mortgage calculation Retirement 1 Retirement 2 Minceraft Add-inc cace costuly + 100%

Answer & Explanation Solved by verified expert

See Answer