Answer the following questions to help an employee plan their retirement savings contributions.
A 23 year old employee who has just been hired will contribute part of their paycheck monthly to a 401(k).
The employee's starting salary is $82000 a year. An annual raise of 4.58% is given to every
employee each year. The employee plans to work for the company until they retire at age 63 and start
withdrawing from their 401(k) 20% of their ending salary each year they are retired. The employee
expects to be retired for 25 years. They will withdraw the money in monthly installments. The 401(k)
earns 6.77% per year compounded monthly.

A) how much will the employees final salary be at age 63? round to two decimals.

B) Using your answer to part a) how much will the employee withdraw each month of their retirement?

C) Using your answer to part B, how much does an employee need to save in their 401(k) before they retire at age 63? Round to two decimals

D) using your answer to part c how much does the employees monthly 401(k) contributions need to be?

E) Using your answers to part C and D how many years would it take the employee to save the money They need to retire if they double their monthly contributions?