ZuoTi.Pro
Question

8. You plan to save $200 every month until you retire in 35 years, starting at the end of this month. Given an 10% rate of in

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Future value at the end of year 35 = fv = pmtx ((1+r)^n-1)/ $759,327.61 [$200*(((1.00834420)-1)/0.00833)]

0 0
Add a comment
Know the answer?
Add Answer to:
8. You plan to save $200 every month until you retire in 35 years, starting at...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 5. What is the present value of an annuity due with 5 annual payments of $100,...

    5. What is the present value of an annuity due with 5 annual payments of $100, evaluated at a 15 percent interest rate? 6. What is the future value at the end of the 5th year of an annuity due with 5 annual payments of $300, evaluated at a 10 percent interest rate 7. You plan to save $10,000 at the end of every year for 30 years and then retire. Given a 10% rate of interest, what will be...

  • 7. You plan to save $10,000 at the end of every year for 30 years and...

    7. You plan to save $10,000 at the end of every year for 30 years and then retire. Given a 10% rate of interest, what will be the FV of your retirement account?

  • You plan to save $4,000 at the end of every year for 25 years and then retire. Given a 8% rate of 4. return, what will...

    You plan to save $4,000 at the end of every year for 25 years and then retire. Given a 8% rate of 4. return, what will be the FV of your retirement account at the end of this 25 year period? 4000 (1.08)^25 Calculate with cal www

  • Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every...

    Today is your 25th birthday (Happy Bday!). You plan on retiring 35 years from today. Every month you work, starting today (t=0), you wish to put an equal amount of money into a savings account with your last deposit on the day you retire. After you retire, you will need to withdraw $10,000 a month with your last withdrawal on your 80th birthday (first withdrawal is one month after you retire). Also when you turn 80, you plan on giving...

  • You plan to retire in 30 years and plan on saving $15,000 annually, starting next year,...

    You plan to retire in 30 years and plan on saving $15,000 annually, starting next year, for the next 30 years. You expect to need $120,000 about 18 years from now for college tuition for your recently born daughter which must be paid out of these savings. You expect to live 35 years during retirement (the first retirement payment will be 31 years from today). 1. If you assume an interest rate of 8.15% over the entire period, how much...

  • Homework Question for Time value of money You plan to retire in 30 years and plan...

    Homework Question for Time value of money You plan to retire in 30 years and plan on saving $15,000 annually, starting next year, for the next 30 years. You expect to need $120,000 about 18 years from now for college tuition for your recently born daughter which must be paid out of these savings. You expect to live 35 years during retirement (the first retirement payment will be 31 years from today). a. If you assume an interest rate of...

  • You are planning for your retirement and have decided the following: you will retire in 35...

    You are planning for your retirement and have decided the following: you will retire in 35 years and would like to have $8,000 per month as retirement income for 30 years of retirement. You have access to an account that earns a 7% rate of return. a. How much will you need to have when you retire to be able to withdraw the desired $8,000 per month during your years of retirement? (Round your answer to the nearest cent) b....

  • To save for retirement, you deposit $719.58 at the end of every month. If you make...

    To save for retirement, you deposit $719.58 at the end of every month. If you make these payments for the next 46 years while you work, and the interest rate is 12.78%, how much will you have in your retirement account when you go to retire? That is, immeidately after the last payment is made Answer = Cash flow = r = n =

  • 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...

  • Suppose you have 25 years until you retire, and that you desire a retirement nest-egg of...

    Suppose you have 25 years until you retire, and that you desire a retirement nest-egg of $2,500,000 on the day you retire. Suppose also that you’ve saved $100,000 toward your retirement so far, and that your investment account earns a nominal rate of 7.5% per year, compounded monthly. In addition, suppose you expect a windfall inheritance of $200,000 five years from now that you will invest in this account. a) What is the effective interest rate, or annual percentage yield,...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT