royces gross weekly pay is $760. how much does he need in savings before retirement to maintain his current…

royces gross weekly pay is $760. how much does he need in savings before retirement to maintain his current way of life? $76,000 $182,400 $197,600 $395,200

royces gross weekly pay is $760. how much does he need in savings before retirement to maintain his current way of life? $76,000 $182,400 $197,600 $395,200

Answer

Answer:

D. $395,200

Explanation:

Step1: Calculate annual pay

Annual pay = Weekly pay × 52 Annual pay = $760×52 = $39,520

Step2: Use 10 - year rule

A common rule - of - thumb is to have 10 times your annual income saved for retirement to maintain your current lifestyle. Savings needed = Annual pay×10 Savings needed = $39,520×10 = $395,200