Answer & Explanation:Lesson AssignmentInteresting calculations can help you determine how much you need when you retire and how much your money could be worth.Scenario #1Use the Retirement Calculator: Your monthly expenses when you retire, assuming your house is paid off and that you are not renting, are $1500 a month or $18000 a year (annually food, gas, utilities, etc.) You are 20 years old and will retire at at 65. You figure you will be in retirement for 20 years and earn a return on your money market of 2% quarterly. How much do you need to save to live when you retire?Scenario #2Use the Savings & Investment Calculator: You were able to save $5000 during your teen years and you want to invest the money. You also want to start contributing $300 a month in mutual funds at age 20, with a return of 10%. How much will this be worth when you retire?
