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John Adams is the CEO of a nursing home in San Jose. He is now 50 years old and
plans to retire in 10 years. He expects to live for 25 years after he retires, that is, until
he is 85. He wants a fixed retirement income that has the same purchasing power at
the time he retires as $40,000 has today (he realizes that the real value of his
retirement income will decline year by year after he retires). His retirement income
will begin the day he retires, 10 years from today, and he will then get 24 additional
annual payments. Inflation is expected to be 5 percent per year for 10 years (ignore
inflation after John retires); he currently has $100,000 saved up, and he expects to
earn a return on his savings of 8 percent per year, annual compounding. To the
nearest dollar, how much must he save during each of the next 10 years (with deposits
being made at the end of each year) to meet his retirement goal? (Hint: the inflation
rate 5 % per year is used only to calculate desired retirement income.) Excel spreadsheet
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