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Someday in the future, you will decide to retire. Assume that when you retire, you...

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Accounting

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Someday in the future, you will decide to retire. Assume that when you retire, you want to spend $50,000 per year. Investments earn 6%. A 401(k) is a type of brokerage account that you can contribute to in order to save for retirement. 1) Assume that you will live for 40 years after retiring. How much money will you need in your retirement account in order to retire? 2) During your career, you will contribute to your 401(k) retirement account each year in order to save for retirement. If you plan on working for 30 years, how much will you need to save each year in order to have the amount from question 1 in your 401(k) when you retire? 3) Now assume that when you retire, people live forever because there is some kind of new drug that prevents people from dying of old age. How much money will you need in order to retire in this scenario? 4) Now assume that due to inflation your spending will increase by 3% per year. You still don't die of old age. How much money do you need to have saved up in order to retire in this scenario? 5) If you plan on working for 35 years, how much will you need to contribute to your 401(k) every year in order to have the amount from question 4

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