Hillgrove
Mutual Funds – Waiting to Invest (Part 2)Scenario: You will make an initial investment of $1500 into a mutual fund. You will now increase your monthly investment to $500 and will earn an average return of 8% compounded monthly.Part 1: Use the Financial Calculator to calculate the value of your investment.PV: -1500PMT: -500FV: **select last to calculate%: 8Periods: Years investing x 12Person’s AgeYears Investing$1500 initial/$100 monthly (from Day 5 assignment)$1500 initial/$500 monthly185028403830482058101. What would be some pros and cons of committing $100 per month vs. $500 per month? State at least four.2. Determine the amount of money you think you would need to live comfortably in retirement. Show your calculations. 3. Based on your analysis in the chart above, what year would you run out of money (to live comfortably in retirement)? Show your calculations. How could you prevent this from happening? 3. How much would you need to save based on your analysis if you lived until you were 100? Show your calculations.Part 2: Choose an amount of money (ONE LUMP SUM) that you would like to have when you retire. $____________________ (Goal should be at least 7 figures.)You will invest in a mutual fund earning an average of 8%. Your initial investment is $1500. PV: -1500PMT: **select last to calculateFV: Enter your retirement goal %: 8 Periods: Years investing x 12Use the Financial Calculator to calculate the payment needed.Person’s AgeYears InvestingMonthly payment needed to reach your goal!18502840383048205810Did any of your three jobs in your Budget Check (from Day 2) have this much for the savings category?When will you realistically start saving for retirement and why? ................
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