You have arbitrarily decided that you want to have at least $800,000 in your retirement saving account when you retire. You intend to start with an initial deposit today of $20,000 and deposit $2000 into the retirement savings account each year until you achieve your goal of at least $800,000. All other information stays the same as in Question 3

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a) At what age will you be able to retire and what will be the balance in your account at this age ?

b) As you still expect to live to age 85, what will be the balance in your account at age 85?

c) Will you have enough savings in your retirement account if you end up living to age 90 (YES or NO)?


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