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