Unit 2 Banking assessment: Retirement and emergency savings plan, banking

Name:

Retirement:

1) How much money do you need to retire comfortably at 65?

2) If you start saving now how much money do you need to put away every month if you have a 5%
interest rate?

3) What is compound interest?

4) What is the compound interest formula?

5) What happens to my retirement savings if I wait until I am older to start saving?

6) What kind of bank can you use that will give you a savings account and a retirement account?
Emergency savings:

7) How much are my estimated monthly expenses in an emergency?

8) How many months of emergency savings am I going to put away?

9) How much can I save each month to get to that goal?

10) How many months will it take me to have reached my savings goal?

11) At this stage of life what savings and financial planning things should you be focusing on?
Check writing

12) Write a check to Dr. SanMartin for rent for the month of September due on the 30 th for
$1,500.00

13) You received a pay check. Endorse it for deposit only