Response to the following problem:
Assume your goal in life is to retire with $1 million. How much would you need to save at the end of each year if investment rates average 9% and you have a 15-year work life?
How much would you need to save at the end of each year if interest rates average 5% and you have a 25-year work life?
How much would you need to save at the end of each year if interest rates average 6% and you have a 20-year work life?