Please find below table useful to compute desired results: -
End results would be as follows: -
You plan to retire at age 40 after a highly successful but short career. You would...
You plan to retire at age 40 after a highly successful but short career. You would like to accumulate enough money by age 40 to withdraw $242,000 per year for 40 years. You plan to pay into your account 15 equal installments beginning when you are 25 and ending when you are 39. Your account bears interest of 12 percent per year. 1. How much do you need to accumulate in your account by the time you retire? (Round your...
4: You plan to retire at age 40 after a highly successful but short career. You would like to accumulate enough money by age 40 to withdraw $234,000 per year for 40 years. You plan to pay into your account 15 equal installments beginning when you are 25 and ending when you are 39. Your account bears interest of 10 percent per year. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. How much...
You plan to retire at age 40 after a highly successful but short career. You would like to accumulate enough money by age 40 to withdraw $227,000 per year for 40 years. You plan to pay into your account 15 equal installments beginning when you are 25 and ending when you are 39. Your account bears interest of 10 percent per year. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: How much do you...
You plan to retire at age 40 after a short but highly successful career. You would like to accumulate enough money by age 40 to withdraw $150,000 each year for the next 40 years. Your account bears interest at 7%. How much do you need to accumulate by the time your retire? O $ 1.999,755 $ 2,246,175 $ 6,000,000 $ 400,800
You plan to retire at age 40 after a highly successful but short career. You would like to accumulate enough money by age 40 to withdraw $200,000 per years for 40 years. Your account has an interest rate of 5%. How much do you need to accumulate in your account by the time you retire?
You are planning for a very early retirement. You would like to retire at age 40 and have enough money saved to be able to draw $240,000 per year for the next 30 years (based on family history you think you'll live to age 70 You plan to save for retirement by making 10 equal annual installments from age 30 to age 40 into a fairly risky investment fund that you expect will earn 14% per ar. You will leave...
Caulfield mogul Monty Buxton, age 40, would like to retire at age 60. Once Mr. Buxton retires, he wants to withdraw $1.2 billion at the beginning of each year for 10 years from a special offshore account which will pay 27% annually. In order to fund his retirement, Mr. Buxton will make 20 equal end-of-the-year deposits in this same special account which will pay 27% annually. How much money will Mr. Buxton need at age 60, and how large of...
Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $7,000 per month beginning with the first month after your 70th birthday until you reach your birthday at age 100. If the account which contains your savings earns 6% APR compounded monthly, how much money needs to be in the account by the time you reach your 70th birthday? (Answer to the nearest dollar)
(XI) Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $7,000 per month beginning with the first month after your 70th birthday until you reach your birthday at age 100. If the account which contains your savings earns 6% APR compounded monthly, how much money needs to be in the account by the time you reach your 70th birthday? (Answer to the nearest dollar.)
Suppose you plan to retire at age 70, and you want to be able to withdraw an amount of $95,000 per year on each birthday from age 70 to age 100 (a total of 31 withdrawals). If the account which contains your savings earns 6.8% per year simple interest, how much money needs to be in the account by the time you reach your 70th birthday? (Answer to the nearest dollar.) Hint: This can be solved as a 30-year ordinary...