skipping your daily Starbucks fix would save you $180 per month. If you invested those savings...
skipping your daily Starbucks fix would save you $180 per month. If you invested those savings in a retirement account earning 0.25% per month compound interest, you would have an additional $166,691 saved up by time you retire. Assuming you will live 20 years after retiring, how much additional monthly income will this provide you in your retirement
Homework Answers
You have an additional total sum of $166,691 saved in your retirement account.
Since there are 12 months in an year, the number of months in 20 years = 12 × 20 = 240 months
Additional monthly retirement income = 166691 / 240 = $ 694.54 per month
Add Answer to:
skipping your daily Starbucks fix would save you $180 per month.
If you invested those savings...
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you...
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you $180 per month. If you invested those savings in a retirement account earning 0.25% per month compound interest, you would have an additional S166,691 saved up by time you retire. Assuming you will live 20 years after retiring, how much additional monthly income will this provide you in your retirement?
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you...
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you S180 per month. If you invested those savings in a retirement account earning 0.25% per month compound interest, you would have an additional S166,691 saved up by time you retire. Assuming you will live 20 years after retiring, how much additional monthly income will this provide you in your retirement? 66 A concept car that will get 100 miles per gallon and carry four...
64 2.06 A concept car that will get 100 miles per gallon and carry four persons...
64 2.06 A concept car that will get 100 miles per gallon and carry four persons would have a carbon-fiber and aluminum composite frame with a 900 cc three-cylinder turbodiesel/electric hybrid power plant. The extra cost of these technologies is esti- mated to be $11,000. (a) If gasoline savings over a $900 in year one, increasing by 10% each year, what is the present worth of the savings over a 10-year period at an interest rate of 8% per year?...
3. There is a commercial on TV right now that says many people spend more money...
3. There is a commercial on TV right now that says many people spend more money on their morning Starbucks than they invest in their retirement savings. Let's say you stop at Starbucks every morning on the way to school and buy a $6 cup of fancy coffee. Assuming, for simplicity, that there are 30 days in a month, that's $180 per month you could be investing in your retirement. If you deposit $180 per month into a savings account...
QUESTION 5 You would like to plan for your retirement. You have gathered or assumed the...
QUESTION 5 You would like to plan for your retirement. You have gathered or assumed the following information: You just turned 30 years of age, and currently have zero savings. You plan to work until you turn 50 years old, at which time you would like to retire. During retirement, assume that you will have no sources of income other than what you can earn on the money that you have saved up for retirement. For the...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $4,000 per year with the first investment made one year from now. You think you can earn 7.0% per year on your investments and you plan to retire in 45 years, immediately after making your last $4,000 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing $4,000 per year, you wanted to...
Please give details of how to get the answer to full review thanks ! Problem 5-43 Retirement Savings (L03) You belie...
Please give details of how to get the answer to full review
thanks !
Problem 5-43 Retirement Savings (L03) You believe you will need to have saved $565,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $107.000 in 5 years. (Do not round Intermediate calculations. Round your answers to 2 decimal places. If the interest rate is 7% per year, what is the future value of your inheritance...
Suppose you are exactly 25 years old and you are planning to save for your retirement...
Suppose you are exactly 25 years old and you are planning to save for your retirement which will happen in 40 years. You plan to deposit equal amount at the beginning of each month in your retirement account with the first saving made today. Assume the retirement account pays you 6% p.a. compounded monthly. (a) If you would like to have $1,000,000 in your retirement account 40 years later when you are retired, how much will you have to deposit...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $5,500 per year with the first investment made one year from now. You think you can earn 11.5% per year on your investments and you plan to retire in 34 years, immediately after making your last $5.500 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing $5,500 per year, you wanted to...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. You think you can earn 5.0% per year on your investments and you plan to retire in 27 years, immediately after making your last S5,000 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing S5,000 per year, you wanted to...
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you $180 per month. If you invested those savings in a retirement account earning 0.25% per month compound interest, you would have an additional S166,691 saved up by time you retire. Assuming you will live 20 years after retiring, how much additional monthly income will this provide you in your retirement?
4. In a previous homework, we learned that skipping your daily Starbucks fix would save you S180 per month. If you invested those savings in a retirement account earning 0.25% per month compound interest, you would have an additional S166,691 saved up by time you retire. Assuming you will live 20 years after retiring, how much additional monthly income will this provide you in your retirement? 66 A concept car that will get 100 miles per gallon and carry four...
64 2.06 A concept car that will get 100 miles per gallon and carry four persons would have a carbon-fiber and aluminum composite frame with a 900 cc three-cylinder turbodiesel/electric hybrid power plant. The extra cost of these technologies is esti- mated to be $11,000. (a) If gasoline savings over a $900 in year one, increasing by 10% each year, what is the present worth of the savings over a 10-year period at an interest rate of 8% per year?...
3. There is a commercial on TV right now that says many people spend more money on their morning Starbucks than they invest in their retirement savings. Let's say you stop at Starbucks every morning on the way to school and buy a $6 cup of fancy coffee. Assuming, for simplicity, that there are 30 days in a month, that's $180 per month you could be investing in your retirement. If you deposit $180 per month into a savings account...
Please give details of how to get the answer to full review
thanks !
Problem 5-43 Retirement Savings (L03) You believe you will need to have saved $565,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $107.000 in 5 years. (Do not round Intermediate calculations. Round your answers to 2 decimal places. If the interest rate is 7% per year, what is the future value of your inheritance...
You are trying to decide how much to save for retirement. Assume you plan to save $5,500 per year with the first investment made one year from now. You think you can earn 11.5% per year on your investments and you plan to retire in 34 years, immediately after making your last $5.500 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing $5,500 per year, you wanted to...
You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. You think you can earn 5.0% per year on your investments and you plan to retire in 27 years, immediately after making your last S5,000 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing S5,000 per year, you wanted to...
Most questions answered within 3 hours.
-
Typically, state taxable income includes:
a. Apportionable income only.
b. Nonapportionable income only.
c. Both "Apportionable...
asked 36 seconds from now -
A
certain population of children has height thus have a Normal
Distribution with a mean of...
asked 3 minutes ago -
For a class science experiment, the students had to grow beans
in a cup and see...
asked 8 minutes ago -
CASE STUDY
The phrase ‘OK Boomer’ has gone viral recently as a way to
shut down...
asked 22 minutes ago -
The following thermochemical equation is for the reaction of
nitrogen(g) with oxygen(g) to form nitrogen dioxide(g)....
asked 18 minutes ago -
the solubility of an unknown salt M3Z2 at 25 degrees is
4.9*10^-7 mol/L. what is the...
asked 19 minutes ago -
We would like to create an Assembly program whose executable is
called division.exe and that behaves...
asked 20 minutes ago -
Consider a simple paging system with the following parameters:
232 bytes of physical memory; page size...
asked 20 minutes ago -
a raindrop of mass 2.00 g falls on the roof of a car with an
initial...
asked 43 minutes ago -
An environmental economic consulting firm is hired to measure
the negative externalities associated with the pollution...
asked 43 minutes ago -
Express Catering contributed $8,000 to the American Lung
Association. If taxable income, before charitable contribution is...
asked 35 minutes ago -
Why we should not allow the Oil & Gas industry to
explore, exploit and extract oil...
asked 46 minutes ago