# Determined Need Sek 3 000 000 Retire 40 Years Plan Set Aside Series Payments Year Account Q17755688

You have determined that you will need SEK 3,000,000 when youretire in 40 years. You plan to set aside a series of payments eachyear in an account yielding 6.0 % per year to reach this goal. Youwill put the first payment in the account one year from today, andthe payments will grow with your income by 1.0% per year.

a.) Calculate your first annual payment into this account.

The first annual payment is …..kr. (round to the nearest krona, don’t use acomma as a thousand separator)

b.) Calculate the last annual payment.

The last annual paymentis  kr…... (round to thenearest krona, don’t use a comma as a thousand separator)

c.) You want to take out 22000 kr per month when you retire.Assuming that the money is placed in a 6.0% APR account throughoutyour retirement period, approximately how many months will themoney last you?

The number of months the SEK 3,000,000 will last formonthly payments of 22000 kr is . (round to fullmonth, no decimals)

PLEASE QUOTE FORMULAS BEFORE INSERTING FIGURES SO THAT IUNDERSTAND HOW YOU FORM THEM IN THE EQUATIONS, KINDLY ATTEMPT ALLTHE QUESTIONS.THANK YOU