\" I plan to retire in 45 years. At his time I will be 70 years old. I expect to

Question

" I plan to retire in 45 years. At his time I will be 70 years old. I expect to live until I am 90. I believe I will need $120,000 per year to live once I retire. How much wealth will I need when I reach the age of 70? Assume a risk free rate of 3% for my retirement years.How much will I have to save beginning today if interest is paid at the end of each year and is compounded annually? Assume an investment rate of 9% from age 45 to retirement." ANSWER QUESTION BELOW: Based on the information above, If the interest rate in my retiremnt years is higher then I will have to save less each year beginning when I am 45. TRUE OR FALSE WHY?

Explanation / Answer

true

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