APR is calculated using the rate function:-
=RATE(nper,pmt,pv,fv)
=RATE(37*12,-420,,2450000)*12
=10.81%
You want to have $2.45 million when you retire in 37 years. You feel that you...
You want to have $3 million when you retire in 38 years. You feel that you can save $670 per month until you retire. What APR do you have to earn in order to achieve your goal?
MC algo 5-41 Calculating Annuity Interest Rates You want to have $3 million when you retire in 38 years. You feel that you can save $670 per month until you retire. What APR do you have to earn in order to achieve your goal? Multiple Choice 10.56% 8.77% 10.86% 10.10% 9.50%
You received no credit for this question in the previous atte You want to have $2.4 million when you retire in 36 years. You feel that you can save $420 per month until you retire. What APR do you have to earn in order to achieve your goal?
You feel that you will need $3.9 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $560 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice • 34.33 years • 48.36 years • 40.05 years • 36.97 years • 41.90 years
You feel that you will need $3.1 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.8 percent compounded monthly and plan to save $440 per month until you reach your goal. How many years will it be until you reach your goal and retire? 38.74 years 48.93 years 40.61 years 35.76 years 33.21 years
You fell that you can retire, if you have the equivalent of $2 million of today’s purchasing power in your retirement account when you retire. Currently, you have $50,000 in this account and you anticipate that your investments will earn an average return of 6% per year (APR with monthly compounding). You expect to inflation to average 2% per year (also APR with monthly compounding). You want to retire exactly 30 years from today. You plan to start putting the...
You want to have $10 million dollars when you retire in 45 years. How much do you have to invest each month if you can earn 13% annual return (compounded monthly) on your investment?
1. You’d like to buy a small ranch when you retire in 37 years. You estimate that in 37 years you’ll need $9 million to do so. If you can earn 1.0% per month, how much will you need to invest each month (for 37 years), starting next month, in order to reach your goal? Round to the nearest cent. 2. Suppose the Dutch Water Authority offered to sell you a perpetuity of $157 per year, every year, forever starting...
You have 35 years left until retirement and want to retire with $1.3 million. Your salary is paid annually, and you will receive $63,000 at the end of the current year. Your salary will increase at 2 percent per year, and you can earn a return of 8 percent on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?
You have 40 years left until retirement and want to retire with $5 million. Your salary is paid annually, and you will receive $50,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year