Question

Use the accompanying table to answer the questions regarding money ratios.

Answer 1

The 40-year-old should have $76800 in capital. The 35-year-old should be saving $$10,320 for retirement.

How to solve for the amounts

The capital that a 40 year old has to have with an income of 32000 is

capital income at age 40 * income

= 2.4 * 32000

Capital = $76800

b. At 35 the savings income has to be

percentage of savings income * income

= 12% * $86000

= $10,320

c. There is no specified value for education earnings.

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