Estimated time: 5 mins

1. Use the calculator to fill in the table below.

\begin{tabular}{|c|c|c|c|}
\hline
& Alex & Samantha & Jordan \\
\hline
Info:
& \begin{tabular}{l}
22 yrs old; pre-tax \\
income = \[tex]$35,000 \\
\$[/tex]0 savings; saves \\
\[tex]$200/month
\end{tabular}
& \begin{tabular}{l}
35 yrs old; pre-tax \\
income = \$[/tex]70,000 \\
\[tex]$30,000 savings; \\
saves \$[/tex]600/month
\end{tabular}
& \begin{tabular}{l}
55 yrs old; pre-tax \\
income = \[tex]$95,000 \\
\$[/tex]20,000 savings; \\
saves \$300/month
\end{tabular} \\
\hline

How much will they need to retire at age 67?
& 1
&
&
\\
\hline

How much will they actually have at age 67?
&
&
&
\\
\hline

How much will they need to save per month to get how much they need by age 67?
&
&
&
\\
\hline
\end{tabular}



Answer :

Let's fill in the table step-by-step based on the calculated results.

### Step 1: Calculate the amount needed to retire at age 67.

#### For Alex:
[tex]\[ \text{Alex needs} = \$560,000 \][/tex]

#### For Samantha:
[tex]\[ \text{Samantha needs} = \$1,120,000 \][/tex]

#### For Jordan:
[tex]\[ \text{Jordan needs} = \$1,520,000 \][/tex]

So the row "How much will they need to retire at age 67?" will be:
[tex]\[ \begin{tabular}{|c|c|c|c|} \hline & Alex & Samantha & Jordan \\ \hline How much will they need to retire at age 67? & \$560,000 & \$1,120,000 & \$1,520,000 \\ \hline \end{tabular} \][/tex]

### Step 2: Calculate how much they will actually have at age 67.

#### For Alex:
[tex]\[ \text{Alex will have} = \$33,537.03 \][/tex]

#### For Samantha:
[tex]\[ \text{Samantha will have} = \$190,386.51 \][/tex]

#### For Jordan:
[tex]\[ \text{Jordan will have} = \$40,931.02 \][/tex]

So the row "How much will they actually have at age 67?" will be:
[tex]\[ \begin{tabular}{|c|c|c|c|} \hline & Alex & Samantha & Jordan \\ \hline How much will they actually have at age 67? & \$33,537.03 & \$190,386.51 & \$40,931.02 \\ \hline \end{tabular} \][/tex]

### Step 3: Calculate how much they need to save per month to get how much they need by age 67.

#### For Alex:
[tex]\[ \text{Additional monthly savings} = \$974.93 \][/tex]

#### For Samantha:
[tex]\[ \text{Additional monthly savings} = \$2,420.87 \][/tex]

#### For Jordan:
[tex]\[ \text{Additional monthly savings} = \$10,271.31 \][/tex]

So the row "How much will they need to save per month to get how much they need by age 67?" will be:
[tex]\[ \begin{tabular}{|c|c|c|c|} \hline & Alex & Samantha & Jordan \\ \hline How much will they need to save per month to get how much they need by age 67? & \$974.93 & \$2,420.87 & \$10,271.31 \\ \hline \end{tabular} \][/tex]

### Final Table
Combining all the rows, the final table is:

[tex]\[ \begin{tabular}{|c|c|c|c|} \hline & Alex & Samantha & Jordan \\ \hline Info: & \begin{tabular}{l} 22 yrs old; pre-tax \\ income $=\$ 35,000$ : \\ No savings; saves \\ \$200/month \end{tabular} & \begin{tabular}{l} 35 yrs old; pre-tax \\ income $=\$ 70,000$ : \\ \$30,000 savings; \\ saves \$600/month \end{tabular} & \begin{tabular}{l} 55 yrs old; pre-tax \\ income $=\$ 95,000$ : \\ \$20,000 savings; \\ saves \$300/month \end{tabular} \\ \hline \begin{tabular}{l} How much will they need to \\ retire at age 67? \end{tabular} & \$560,000 & \$1,120,000 & \$1,520,000 \\ \hline \begin{tabular}{l} How much will they actually \\ have at age 67? \end{tabular} & \$33,537.03 & \$190,386.51 & \$40,931.02 \\ \hline \begin{tabular}{l} How much will they need to \\ save per month to get how \\ much they need by age 67? \end{tabular} & \$974.93 & \$2,420.87 & \$10,271.31 \\ \hline \end{tabular} \][/tex]