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Calculation and tell them how many percents of their income that they need to invest every month…

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Calculation and tell them how many percents of their income that they need to invest every month to achieve their retirement goal. Show your steps!

E.g., I have an imaginary friend who will retire in 13 years. She will need to have 80% of her current after-tax income, which is $4,000 per month after retirement. She can start investing right now, and she has $50,000 in her savings account.

1. She will need $ X for every month after retirement

2. The amount of money she needs in the bank account after 10 years is: $ Y

3. The amount of money that she needs to invest every month from now is $ Z, which is W% of her current after-tax income.

( X, Y, Z, W are variables)

Is the plan possible? if not, what should she do to make it possible? ( delay the retirement, find a higher paying job, etc.)

( *for more straightforward calculation, use Interest rate = 10%, and no inflation rate, he/she invests in a tax-free retirement account and treats retirement income as a perpetuity payment)

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