PART 1:John Jetison believes he would need $500,000 to retire today and keep his same lifestyle.If Jetison estimates he will retire in 20 years, how much should he put away each month to have the equivalent of $500,000 in 20 years if the interest he can earn is 5%?If the interest rate changes to 3%, what will Jetison need to save each month?Picture cash flows on a timeline and present it when providing your answer.Part 2:Think about your own retirement; what would the timeline look like? In what ways could you better prepare for retirement?
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