Bowie, age 52, has come to you for help in planning his retirement. He works for a bank, where he earns $60,000. Bowie would like to retire at age 62. He has consistently earned 8% on his investments and inflation has averaged 3%. Assuming he is expected to live until age 95 and he has a wage replacement ratio of 80%, how much will Bowie need to have accumulated as of the day he retires to adequately provide for his retirement lifestyle?
a.) $726,217.09
b.) $784,314.45
C.) $1,050,813.28
d.) $1,101,823.40
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Bowie, age 52, has come to you for help in planning his retirement. He works for a bank, where he ea...
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