Retirement

1  Consider the savings plan you developed in the discussion.  How much did you determine you need to save

each month?  You do not need to repeat those calculations here, but just re-state your conclusion.

2  With the 3% account, the monthly payments might be difficult to maintain, so you decide to wait 5 more

years until you retire.  What are your monthly payments with this plan?

3  Suppose you can find an account that earns interest at 4% interest instead.  How does that change your

monthly payments?  (You choose how long until you retire in this question.)

4  State your conclusions and interpretations of these calculations.

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