# You have just turned 22 years old, received your bachelor's degree, and accepted your first job.

###### Question:

## Answers

Your annual contribution=$87,809.24

Explanation:

Step 1: Determine total amount needed in retirement

Total amount=Expenditure per year×number of years after retirement

where;

Expenditure per year=$ 115,000

Number of years after retirement=(100-65)=35 years

replacing;

Total amount=(115,000×35)=$4,025,000

You need a total amount of $4,025,00 for your plan

Step 2: Determine contribution per year

The contribution per year is the same as principal amount per year

Total amount needed per year=4,025,000/(65-22)=93,604.65 per year

Using the formula

A=P(1+r)^n

where;

A=Future value per year=$93,604.65

P=unknown=p

r=6.6%=6.6/100=0.066

n=1

replacing;

93,604.65=p(1+0.066)^1

93,604.65=1.066 p

p=93,604.65/1.066

p=87,809.24

Your annual contribution=$87,809.24

Renting provides greater flexibility but can lead to higher costs in the long term.answer: b) or the second option.

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