JKC 4

The Challenge:
Your coworker turns to you and says that she is going to retire. You laugh because she is 30 years old. She is serious. To understand how she got to this decision, you will create a KNIME component named “Financial Tracker_YOURNAME”(replace YOURNAME with your name). The component should use widgets to get thefollowing input:
1. a person's monthly expenditure amount
2. their target age to retire

The output of the component should be how much money they need to have in order to retire at the target age. For simplicity, use this formula in your component:

     amount_to_retire = (100 - target_age)* monthly_expenditure_amount *12

Use your component to figure out if 2,000,000 dollars is enough for your coworker to retire, given that she spends 4,000 dollars per month. To keep this challenge simple, do not consider inflation, compounding interest, or part-timework in retirement.

Are you interested in how this formula came up?Check the Trinity study out.In this study, participants needed roughly 25 times whatever they spent yearlyto survive for 30 years with a 95% success rate.