Professor G wants to have $700,000 in his retirement account when he retires in 10 years. He earns 3.6% on his investments guaranteed. How much must he invest at the beginning of each month if he now already has $240,000 already saved up?
Professor G wants to have $700,000 in his retirement account when he retires in 10 years....
Mike wants to have $3,000,000 in his 401(K) when he retires in 30 years. If he expects his 401(K) can earn 4.23% annual interest, about how much must Mike invest each year to reach his retirement goal? $63,419 $60,046 $51,468 $48,524
Professor G needs $35,000 to buy a car in 5 years. He earns 2.6% on his money. How much must he invest now to accomplish his goal?
Starting on the day he retires, Bob wants to receive payments of 2000 at the beginning of each month for 20 years. How much money should he deposit each quarter starting today if he plans to retire in 35 years and he makes his last deposit three months before his retirement date? Assume that the account earns a nominal rate of 7% per year compounded quarterly for the first 35 years and then a nominal rate of 5%per year compounded...
Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest. How much would you need to deposit in the account each month? Jenelle wants to invest $1600 in a savings account. Determine the interest rate (simple interest) required for Jenelle 's investment to double in value in 10 years. Round your answer to the nearest tenth of a percent. Answer:
Kevin Hall is 30 years and wants to retire when he is 65. So far he has saved (1) $6,720 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,810 in a money market account in which he is earning 5.25 percent annually. Kevin wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in...
Larry wants to start an IRA that will have $420,000 in it when he retires in 29 years. How much should he invest semiannually in his IRA to do this if the interest is 6% compounded semiannually? A- $2354.65 B- $9288.16 C- $2767.16 D- $2754.16 E- $888.61
Hermes Conrad is celebrating his birthday and wants to start saving for his anticipated retirement. He has the following years to retirement and retirement spending goals: Years until retirement = 30; Amount to withdraw each year = $90,000; Years to withdraw in retirement = 20; Investment rate = 8%. Because Hermes is planning ahead, the first withdrawal will not take place until one year after he retires. He wants to make equal annual deposits into his account for his retirement...
When Matt turned 25 he invested $2,500 in his retirement account for 10 years and stops. He earns an 8% return. Clay invests $2,500 from age 36-65 (30 years) and stops. He earns the same 8% return. How much money will each of then have at age 65? Who has more money and by how much?
Edward Lewis is 30 years and wants to retire when he is 65. So far he has saved (1) $5,570 in an IRA account in which his money is earning 8.3 percent annually and (2) $4,080 in a money market account in which he is earning 5.25 percent annually. Edward wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in...
Your best friend Frank just celebrated his 30th birthday and wants to start saving for his anticipated retirement. Frank plans to retire in 35 years and believes that he will have 20 good years of retirement and believes that if he can withdraw $90,000 at the end of each year, he can enjoy his retirement. Assume that a reasonable rate of interest for Frank for all scenarios presented below is 8% per year. This is an annual rate, review each...