Mike Polanski is 30 years of age and his salary next year will be $41,000. Mike forecasts that his salary will increase at a steady rate of 5% per annum until his retirement at age 60.If the discount rate is 8.5%, what is the PV of these future salary payments?If Mike saves 5% of his salary each year and invests these savings at an interest rate of 8.5%, how much will he have saved by age 60?If Mike plans to spend these savings in even amounts over the subsequent 20 years, how much can he spend each year?
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