# Darnell and Bonnie are in their sixties and are ready to retire

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## Darnell and Bonnie are in their sixties and are ready to retire

Darnell and Bonnie are in their sixties and are ready to retire. Their children are grown and are supporting themselves, and Darnell and Bonnie have saved for many years in order to be able to enjoy their retirement. They currently live in San Francisco, and based on their recent spending, they estimate that they will need \$50,000 annually for expenses. Darnell and Bonnie are interested in downsizing and are considering a move to either Boston or Cleveland.
Compare the two choices assuming the city indices are:
Boston: 151 San Francisco: 135 Cleveland: 99
Consider the following scenarios and answer the questions that follow. Do not round intermediate calculations. Round your answers to the nearest dollar.
Boston
Darnell and Bonnie’s oldest daughter and their grandchildren live in Boston. They like the area but are concerned about the cost of living.
Cleveland
Darnell and Bonnie love to vacation in Cleveland. They have friends who have retired there, and the last time they visited, they found a neighborhood that they really liked. Their friends have encouraged them to move to Cleveland because the cost of living is lower.
What amount will Darnell and Bonnie need on an All things being equal, \$50,000 will buy how much
annual basis to maintain their lifestyle in Boston? in goods and services in Cleveland?

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Darnell and Bonnie are in their sixties and are ready to retire

Darnell and Bonnie are in their sixties and are ready to retire