Mike currently 35, has $15,000 saved for retirement. He is currently saving $450 at the beginning of every month and his employer matches his total savings contribution on a monthly basis. Mike projects that he could earn 7% on his savings. He plans to retire at 65 and expects to live until age 90. His current expenditure on basic needs at the beginning of every month is $2200 every month which is expected to increase with inflation of 4%.
What would be the value of Mike's savings (including employer's contribution) at the age of 65?
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$1,560,601 |
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$1,556,859 |
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$1,219,721 |
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$1,226,126 |