Thinking about retirement, how much money do you think you need when you retire? How much money do you want to have in retirement? When do you think you will be able to or want to retire? When should you start saving for retirement ? How will you be able to save money ? We will take a look at some of these questions to hopefully help you realize what will actually be possible for your retirement Formulas Needed : A= R[(1+ r n )^ nt -1] r pi A = P * (1 + r/n) ^ (nt) Questions : 1. You can save $ 200 monthly to put into your retirement account and you have 35 years until you retire . Assume an 8 % rate of return and a monthly compounding period . a . How much money will you have in retirement ? What things could you change to increase the amount you will have in retirement ?