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Mathematics, 06.01.2021 08:10 aliyahmuhammad5197
Since she was 25, Jenna has been saving $5,000 each year in her IRA. Her IRA earns a 6% return on average. If that continues, she will have over $870,000 in savings by age 65, enough for a retirement income of around $65,000 a year. Jenna figures that $60,000 is more than enough, so she wants to retire early at age 62. She calculates that her savings will only be $15,000 less, since she saves just $5,000 a year. Give a reason why Jenna’s calculation is incorrect and explain your answer?
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Since she was 25, Jenna has been saving $5,000 each year in her IRA. Her IRA earns a 6% return on av...
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