# Calculate the amount Jack will receive when he retires

Jack is 28 years

old now and plans to retire in 35 years. He works in a local bank and has an

annual after-tax income of $45,000. His expected annual expenditure is $36,000

and the rest of his income will be invested at the beginning of each of the

next 35 years at an expected annual rate of return of 12.6 percent. Calculate

the amount Jack will receive when he retires.

Level of

difficulty: Difficult.