Posted: December 20th, 2021

Unit Project: Saving for Retirement. I will attach two examples to paraphrase.

Question description

I will attach two examples when you bid to paraphrase Unit Project: Saving for Retirement
Review the requirements for completing the Graded
Assignment.
Goals
Some people say that compound interest is the eighth wonder
of the world. During this unit, you will see why compound interest is so highly
thought of.
First you’ll find the entry-level salary for a career of
your choosing. Then you’ll calculate and compare how much money an employee
with this starting salary can have in his or her retirement account under
different scenarios. Lastly, you’ll determine what percent of that person’s
gross salary must be saved to meet certain financial goals.
Template
1.  Download the project template and rename the file as RetirementPresentation_YourName. This file will
become your presentation.
2.  Download the spreadsheet template and rename the file as Spreadsheet_YourName. You will use this file to help
you create your presentation.
Project Research
1.  Look on the Internet for the entry-level salary, sometimes
called the starting salary, of a career that you are interested in.
(a)  If you have a certain career in mind, include the career name in
your search. For example, you could enter entry-level salary of a police
officer or average starting salary of a journalist in the search bar.
(b)  You could also look at websites that list salaries for all kinds
of careers. Enter entry-level salary information, or starting salary
information, in the search bar.
(c)  You may need to enter your ZIP code for results. Skip over any
websites that require payment for information or want your specific contact
information.
(d)  If you find a range for the average salary, but not necessarily
the starting salary, then choose the lower end of the range as the starting
salary.
2.  Open your presentation. On slide 1, type your name. On slide 2,
complete the table.
(a)  If you are given an hourly salary, assume working 40 h/week for
52 weeks to calculate the annual salary.
(b)  Determine the monthly salary by dividing the annual salary by
12.
Project Writing
1.  Complete Lesson Checkpoint: Percents and Interest, an online,
ungraded assessment. You’ll practice solving percent problems and calculating
compound interest—skills essential to completing your project. Reach out to
your teacher with any questions you have after taking this assessment.
2.  Open your spreadsheet. Make sure that you are in the Worksheet
tab. This worksheet approximates the total amount in a retirement account for
different numbers of years, assuming a 7% rate of return, compounded monthly.
Assume
that an employee with the starting salary you listed on slide 2 has 5% of his
or her gross monthly paycheck amount deposited into a retirement account. In
cell B3, enter 5% of this gross monthly salary. Other cells will automatically
populate. These cells have formulas in them. Do not change these formulas.
Notice
the following.
· 
Each row, starting with Row
3, represents a year.
· 
Amounts for up to 40 years
are shown. You may need to scroll down to see them.
· 
The monthly deposits for
each year increase. That increase is for yearly raises and promotions.
· 
The total amount in the
account at the end of each year is in Column N. You may need to scroll right to
see it.
· 
The total amount the
employee contributed into the account during a given year is in Column P. The
total amount he or she contributed from Year 1 up to that year is in Column Q.
· 
A bar graph that shows the
total amount in the account at the end of each year is in the Graph tab. This
graph automatically updates upon entering an amount in cell B3.
3.  Open your presentation. Complete slide 3.
(a)  Complete the table. The total contribution after 40 years is in
cell Q42. The total amount in the account after 40 years is in cell N42.
(b)  Insert an image of the bar graph.
4.  Complete slide 4, which compares how much the employee would
have saved up by the retirement age of 65 if he or she started contributing at
different ages.
(a)  First record the monthly deposit amounts (from Column B) for
each given age below.
It is important that you copy these amounts
now, because you will be changing the spreadsheet.
Monthly Deposit Amount

Age 25 (Year
1: cell B3)

Age 35 (Year 11: cell B13)

Age 45 (Year 21: cell B23)

(b)  You can complete the first row of the table in slide 4 by
copying the amounts from your table on slide 3. This represents 40 years of
saving.
(c)  Suppose an employee starts saving at age 35 instead. The first
monthly deposit will be what you recorded in the second row of the table above.
Enter that amount in cell B3. Because the employee will retire at 65, he or she
will save for a total of only 30 years. Complete the second row of the table in
slide 4 by copying the new amounts in cells Q32 and N32 from your spreadsheet.
(d)  Now suppose an employee starts saving at age 45 instead. The
first monthly deposit will be what you recorded in the last row of the table
above. Enter that amount in cell B3. Because the employee will retire at 65, he
or she will save for a total of only 20 years. Complete the third row of the
table in slide 4 by copying the new amounts in cells Q22 and N22 from your
spreadsheet.
(e)  Write a brief discussion about how the amounts in the table in
slide 4 compare. Include in your discussion whether you found any of the
results surprising.
5.  Open your spreadsheet. In the Worksheet tab, change the amount
in cell B3 back to the monthly deposit amount for an employee who begins saving
5% of gross monthly pay at age 25. This is the amount you recorded in the first
row of the table in Step 4a above.
6.  Open your presentation. Complete slide 5, which compares other
possible scenarios.
(a)  Assume an employee starts saving for retirement at age 25, but
stops making contributions after 10 years. The employee just lets the total
amount in the account after 10 years gain interest for another 30 years. Find
the total amount in the account after those 30 years by using the compound
interest formula, where:
· 
P is the total amount in the account after 10 years of saving. This
is the amount in cell N12.
· 
r is the rate of return. For this project, r = 0.07.
· 
n is the number of compounding intervals per year. For this
project, n = 12.
· 
t is the number of years, so t
= 30.
Complete the first
row of the table. (The amount contributed is what you used for the principal.)
(b)  The second row in the table represents an employee who started
saving 5% of gross pay at age 35 and continued to save for the next 30 years.
You can copy these amounts from the table on slide 4.
(c)  In your spreadsheet, change the amount in cell B3 to the first
monthly deposit amount for an employee who begins saving 10% of gross monthly
pay at age 45. That is twice the amount you recorded in the last row of the
table in Step 4a above. Because the person saves only for 20 years, use the
amounts in cells Q22 and N22 to complete the third row in the table.
(d)  Write a brief discussion about your findings. Include in your
discussion whether you found any of the results surprising.
7.  Open your spreadsheet. Continue to change the amount in cell B3,
and check the amount in cell N42, until you have determined the smallest first
year’s monthly deposit, in whole dollar amounts only, that an employee can
deposit into his or her retirement account to have at least each of the
following amounts of money saved up after 40 years. Then calculate what percent
of gross pay that is. (Use the monthly salary from slide 2 of your
presentation.) Record your percents here
so that you can refer to them in the next step.

Retirement Goal

Amount

Percent

At least $250,000

At least $750,000

At least
$1,000,000

8.  Open your presentation. On slide 6, complete the table. Then
write a brief discussion that tells whether and why it is reasonable to expect
someone who earns the salary on slide 2 to have a million dollars in an account
at retirement time.
Project Reflection
1.  Join the online session set up for you and your classmates.
2.  Write a response to any of the following.
· 
Suppose you are talking to
both a recent college graduate who does not have much money in his budget for
retirement savings and a 40-year-old employee who never opened a retirement
account for herself until now. How would the retirement advice you give to each
of them differ?
· 
If you were considering an
offer of employment, how much of a factor would the employer’s retirement
package make in your decision? Why?
· 
The Social Security
Administration might want to raise the full retirement age for people born in
the year 2000 or later. Why do you think the agency might want to do that? Do
you think it would be fair? If so, what would be a fair age? If you don’t think
it would be fair, why not?
3.  Comment on at least one other student’s post.
Alternate Reflection Assignment
If your teacher excuses you from the online discussion, then
add a slide (slide 7) to the end of your presentation. On the slide, consider
these two general savings strategies:
1.  Begin saving a small amount at a young age.
2.  Begin saving a large amount of money at an older age.
Name possible pros and cons of each strategy. Tell which
strategy you think might be best for you and why.
Submission
Confirm that your project contains all your work:
· 
Salary information
· 
Overall look at the
retirement account (amounts and bar graph)
· 
Starting-age comparisons
(amounts and discussion)
· 
Other comparisons (amounts
and discussion)
· 
Reaching certain goals
(amounts and discussion)
· 
Alternate reflection
assignment slide (ONLY if you did not participate in the online discussion)
Submit your project to your teacher.

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