Homework Answers
Solution:
Amount need to be accumulated = Present value of $150,000 at the age of 40 at 7% for 40 periods
= $150,000 * Cumulative PV factor at 7% for 40 periods
= $150,000 * 13.33171
= $1,999,755
Hence first option is correct.
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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 $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...
filled a few answers in not sure how to get the ones I didnt if someone...
filled a few answers in not sure how to get the ones I didnt if
someone is able to show me steps for the ones not answered or wrong
please
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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...
filled a few answers in not sure how to get the ones I didnt if
someone is able to show me steps for the ones not answered or wrong
please
QUESTION 1 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...
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