To illustrate what we are talking about complete the following exercises. Last Name Age Select the number of hours you wish to work during a month. Now that you know your monthly income, you must determine how much of your income you wish to save each month. Consider the following two options. You decided in Activity 1 to save of your monthly income.
Interest rate is interest expressed as a percentage.
After 10 years, at the age of , you no longer contribute money to your savings and leave it in the account until the age of 65. You decided in Activity 1 to save of your monthly income. You periodically make withdrawals from your savings. At the end of 10 years, you have no savings. You do not save any money until you reach the age of 35.