10 May HOW MUCH WILL YOU HAVE IN YOUR SAVINGS ACCOUNT ON YOUR 65TH BIRTHDAY?
Suppose that you are 30 years old today and that you are planning to retire at age 65. Your salary this year is $50 000 and you expect your salary to increase at a rate of 5% per year as long as you work. To save for your retirement you plan on making annual contributions to a retirement account. Your first contribution will be made on your 31st birthday and will be 10% of this year’s salary. Likewise you expect to deposit 10% of your salary each year until you reach age 65. Assume that the interest rate is 7%. (10pts) (a)What is the present value (at age 30) of your retirement savings?(3pts) (b)How much will you have in your savings account on your 65th birthday?
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