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Math-123
Professor Gray
30th Nov. 2016
Abstract
In this paper, I will talk about all the outcomes I have found out using Excel. In this
project, I was able to calculate my future annual salary and gross pay, I was able to find out how
much I can retire on and what kind of house I can get a mortgage on. I was also able to compare
my career choice after college against a high school student with no college degree. I calculated
how long it would take to pay off half a mortgage (with conditions I will later explain.)
you are paying more than that since you are continuing to pay for it as the months go by. The
total amount of interest you will end up paying on the first amortization table is $7,298.86. The
total interest you are paying in the 2nd amortization table is a total of $6,208.78. Between the two
tables you are paying $1,090.08 more in the first table than the second.
In my career choice, my career can only support me for 15 years and one month, so
unless I am only planning to live for 15 years after retirement, I cannot completely live on
retirement. I must depend on savings and maybe even get another job to support me. My annual
median starting out salary is $52,840 and if I was to get a 2.5% annual raise for the next five
years my income would increase to $10,568,000 which is a HUGE difference!
In my career choice, I have learned I will not make a huge amount of money, so to
balance my savings and dont completely depend on money. I learned dont retire, I will be too
bored anyway so I dont plan on it, and find a good job that continues to invest in my 401K.