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4. Brad and Angie are brand new parents. They want to have $40,000 set aside to help pay for college in 18 years. Brad found an account that will pay 6.2% interest quarterly. How much should they invest now to reach their goal?

N

I%

*PV

PMT

FV

P/Y

C/Y

PMT: END BEGIN

Section 4: Investment and Savings (5.3-5.5)

You will use your long-term career budget for this section of your project. We are going to use your long-term career monthly budget values to get a basis for how much money you might need for life when you retire. Your Retirement Goal is money you want to have available to pay your bills and live on when you retire. It is very possible this may be the only money you will have to live on once you no longer receive a paycheck. Fill in the information below:

Long-term Career Monthly Take Home $________________________________

Annual Take Home (Monthly * 12) $___________________________________

Retirement Goal (Yearly *30) $_______________________________________

How much money can you make from investments?

Now we will look at investing over the life of your career which will most likely be around 30 years. We will begin by investing into a ROTH IRA which has limits, then we will invest any left over money into a separate annuity. Fill in the information below:

Savings amount from your monthly budget $______________________________

Yearly investment potential (Savings * 12) $ ____________________________________

Left Over If your yearly investment potential is greater than $5500 (Yearly – 5500) $ _________________

Fill in the TVM solver boxes below for ROTH IRA and Left Over annuity if it applies. Provide your investment total in the box at the bottom of the page.

Variable

Roth IRA

N

30

I%

8

PV

0

PMT

-( ) up to $5500

FV

P/Y

1

C/Y

1

PMT:

END BEGIN

Variable

Roth IRA

N

30

I%

6

PV

0

PMT

-( ) up to $5500

FV

P/Y

1

C/Y

1

PMT:

END BEGIN

Total Savings at the time of Retirement

$

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