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    fcs340 Documents W06TermProject

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    fcs340 Documents W06TermProject

    Uploaded by

    y2kzgjp88g
    15 views2 pages
    term project

    Original Title

    fcs340_documents_W06TermProject

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    term project

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    fcs340 Documents W06TermProject

    Uploaded by

    y2kzgjp88g
    term project

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    W06 Case Study Template

    Part 1: Understanding Compound Interest

    Help the Chiramba family plan for their future needs. Use the Compound Interest
    Calculator spreadsheet to complete the table below to illustrate how much the Chirambas will
    have if they start saving at each of the various levels below and earn 5% until they stop working.

    Chiramba Family Potential Retirement Savings - Start Now

    Monthly Savings Amount Interest Rate Number of Years Total Value at Retirement

    100 5% 30 8323

    20 5% 30 16645

    30 5% 30 24968

    40 5% 30 33290

    Chiramba Family Potential Retirement Savings - Delayed Savings

    Monthly Savings Amount Interest Rate Number of Years Total Value at Retirement

    20 5% 15 5346

    40 5% 15 10692

    60 5% 15 16037

    80 5% 15 21383
    Part 2: Reflections

    Case Study Reflection


    1. How might this illustration help the Chirambas start planning for the long term now
    instead of waiting until later?
    The sooner they start saving, the more interest they can earn. The chart shows that
    interest really benefits them. Over a longer time, it helps them make more money in total.
    2. Brother and Sister Chiramba have concerns about what their lives will look like when
    they are older and can no longer work. List three questions to help them visualize what
    their ideal retirement life looks like.

    Question 1: What will your expenses be when you are older?

    Question 2: How much do you need to save to meet your expenses at retirement?

    Question 3: Where do you see yourself living in retirement?

    Personal Reflection
    1. What would you like your retirement years to look like?
    For my dream retirement, I envision a life filled with fun activities, strong family bonds,
    exciting travel adventures, opportunities to volunteer, financial stability, good health, and
    ongoing education. These aspects would come together to create a rewarding lifestyle
    that truly represents my interests and values.

    2. What investment opportunities are available to you and how can they help you be better
    prepared for the future?

    The investments opportunities that are available to me are 401k, Stock investments, and Real
    Estate investments. These different investment options give me the chance to grow our wealth
    gradually while keeping risks in check. Each investment type has its own role, whether it's to
    earn money right away or to increase savings for later. When combined, they form a strong plan
    for being financially ready.

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