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# Miranda's son jack recently began working full time. He is envious of his mothers savings discipline and would like to begin immediately to save for...

• Miranda's son jack recently began working full time. He is envious of his mothers savings discipline and would like to begin immediately to save for his retirement. Jack would like to save \$2 million in retirement savings when he retires in 45 years .If Jack were to save \$6,000 each year, what return does sherry need to earn in order to reach his goal of \$2 million.

• Jack is also saving for a home. He believes he will need \$25,000 for a down payment in seven years, when he feels he will be ready to buy his home. If Jack were to save \$4,000 per year, and earns 6% on his investments, will he be able to reach his goal? Explain

Using Excel function 1) Rate of return need to earn in order to reach his goal = rate(nper,pmt,pv,fv) Rate of return need to... View the full answer

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