nyas gross weekly pay is $1440. to maintain her current lifestyle, how much should she save up by the time…

nyas gross weekly pay is $1440. to maintain her current lifestyle, how much should she save up by the time she retires? $748,800 $829,440 $973,440 $1,440,000

nyas gross weekly pay is $1440. to maintain her current lifestyle, how much should she save up by the time she retires? $748,800 $829,440 $973,440 $1,440,000

Answer

Explanation:

Step1: Calculate annual pay

There are 52 weeks in a year. So annual pay = weekly pay×52. Given weekly pay is $1440, then annual pay = $1440×52 = $74880.

Step2: Use retirement - savings rule

A common rule - of - thumb is to have 12 times your annual income saved for retirement to maintain your current lifestyle. So retirement savings = 12×annual pay. Substitute annual pay = $74880 into the formula, we get retirement savings = 12×$74880=$898560. However, if we assume a more conservative estimate of 10 - 12 times annual income. Let's assume 12 times here. If we calculate 12×$74880 = $898560, but if we consider the closest option among the given ones based on common financial planning principles, we note that: Annual pay = $1440×52 = $74880 Retirement savings = 12×$74880 = $898560, the closest option to this value among the given choices is $829440 (might be due to different assumptions in the problem - set or rounding differences in the rule application).

Answer:

$829,440