MAT 101 Module 3 Discussion 1 Saving for retirement
Module 3
In this discussion, you will work in small groups in online discussions to solve a mathematics problem involving a savings plan to reach your retirement goals. This group discussion will help prepare you for activity M3A2, in which you will write and submit an individual complete solution to a similar problem.
Answer the following questions.
(Note: You don’t need to reveal private information here—your answers to questions 1 and 2 can be any numbers you choose and need not be about your true age and finances.)
1.     How old are you now? At what age do you hope to retire? These questions are really about answering: How many years do you have until you retire?
2.     Based on how you want to live in retirement and any other sources of retirement income you have available, how much money do you think you will need to draw from this savings account each year during retirement?
3.     You are about to set up a new retirement savings account that earns interest at a 3.5% annual interest rate (APR). You want to make monthly contributions to that account from now until you retire. The goal is to save enough money so that you will be able to withdraw the money you need each month without depleting your principal (in reality, you will probably deplete your principal gradually). How much money do you need to contribute to the account each month?
Be sure to answer all parts of the question above. It is possible that you will not be successful at answering all parts of the question at this point, and that is okay. But be sure to describe what you were able to solve and what questions you have remaining.
It is important to follow the Discussion Problem InstructionsÂ
Answers
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Posted 22 Jan 2019 10:01 PM
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file 1548196403-MAT 101 Module 3 Discussion 1 Saving for retirement.docx preview (564 words )
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