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Question : WEEK 3 GROUP DISCUSSION: Saving for Retirement Group A: n : 7245

WEEK 3 GROUP DISCUSSION: Saving for Retirement Group A: n this discussion, you will work in small groups to solve a mathematics problem involving a savings plan to reach your retirement goals. This is intended to be a challenging problem that will require you to work together for a successful solution. Just as you learn from others' ideas, they will learn from your questions and contributions. Whether you understand a complete solution to the problem or are struggling to work it through, you are expected to participate actively in the discussion throughout the module and to work collaboratively with your classmates on a thorough problem solution. solve the following problem and submit a written solution to this problem. Be sure to answer all parts ofthe problem and describe what you were able to solve. 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) 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 eargs interest at a 3% annual interest rate You want to make contributions 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 (n reality, you will probably deplete your principal gradually). How much money do you need to to the account each month?