Suppose that a young engineer wants to plan for retirement. they want to retire at 60 years of age with enough invested in their retirement account to produce an annual interest income of $100,000 at an annual rate of return of 8% (note that the assumed rate or return on investment during retirement is less than prior to retirement because most retirees prefer safer investments). they plan to add a uniform sum of money to their retirement account annually. how much money should the engineer set aside each year to achieve their goals under the following scenarios: (modified from nell 4-28)
a. starting investing on their 23rd birthday and ending on their 59th birthday with a 12% rate of return on their retirement investments.
b. starting investing on their 23rd birthday and ending on their 59th birthday with a 15% rate of return on their retirement investments.
c. starting investing on their 23rd birthday and ending on their 59th birthday with an 8% rate of return on their retirement investments.
d. starting investing on their 30th birthday and ending on their 59th birthday with a 12% rate of return on their retirement investments.
e. starting investing on their 40th birthday and ending on their 59th birthday with a 12% rate of return on their retirement investments.
f. starting investing on their 50th birthday and ending on their 59th birthday with a 12% rate of return on their retirement investments.