Austin Miller wishes to have $400,000 in a retirement fund 25 years from now. He can...
Austin Miller wishes to have $400,000 in a retirement fund 25 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use next table to solve the following problems.
- If upon retirement in 25 years, Austin plans to invest $400,000
in a fund that earns 5%, what is the maximum annual withdrawal he
can make over the following 20 years? Round the answer to
the nearest cent. Round PVA-factor to three decimal
places.
Calculate your answer based on the PVA-factor.$
Calculate your answer based on the financial calculator.$
- How much would Austin need to have on deposit at retirement in
order to withdraw $35,000 annually over the 20 years if the
retirement fund earns 5%? Round the answer to the nearest
cent. Round PVA-factor to three decimal places.
Calculate your answer based on the PVA-factor.$
Calculate your answer based on the financial calculator.$
- To achieve his annual withdrawal goal of $35,000 calculated in
part b, how much more than the amount calculated
in part a must Austin deposit today in an
investment earning 5% annual interest? Round PVA-factor to
three decimal places. Round your answer to the nearest cent. If an
amount is zero, enter "0".
$
Homework Answers
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP
PLEASE
Add Answer to:
Austin Miller wishes to have $400,000 in a retirement fund 25
years from now. He can...
Chris Jones wishes to have $400,000 in a retirement fund 25 years from now. He can...
Chris Jones wishes to have $400,000 in a retirement fund 25 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use next table to solve the following problems. A. If he can earn 7 percent on his investments, how much must Chris deposit today to create the retirement fund? Round PV-factor to three decimal places. Round your answer to the nearest cent. Calculate your answer based on the PV-factor. $ Calculate your answer...
Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $1,000,000...
Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $1,000,000 in a retirement fund 25 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use next table to solve the following problems. a. If upon retirement in 25 years, Austin plans to invest $1,000,000 in a fund that earns 4%, what is the maximum annual withdrawal he can make over the following 20 years? Round the answer...
Austin Miller wishes to have $600,000 in a retirement fund 30 years from now. He can...
Austin Miller wishes to have $600,000 in a retirement fund 30 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use your financial calculator or the appendixes to determine the lump sum amount needed if the fund that earns 6% annually. $ How much would Austin need to have on deposit at retirement in order to withdraw $45,000 annually over 15 years in the retirement fund earning 6%? $
Starr Company decides to establish a fund that it will use 4 years from now to...
Starr Company decides to establish a fund that it will use 4 years from now to replace an aging production facility. The company will make a $98,000 initial contribution to the fund and plans to make quarterly contributions of $54,000 beginning in three months. The fund earns 12%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table Factor" to 4 decimal places and final...
Over the past several years, Catherine Lee has been able to save regularly. As a result,...
Over the past several years, Catherine Lee has been able to save regularly. As a result, today she has $58,467 in savings and investments today. She wants to establish her own business in five years and feels she will need $100,000 to do so. Use the following table to answer the questions. If she can earn 3% on her money, how much will her $58,467 in savings/investments be worth in five years? Round the answer to the nearest cent. Round...
Starr Company decides to establish a fund that it will use 10 years from now to...
Starr Company decides to establish a fund that it will use 10 years from now to replace an aging production facility. The company will make a $100,000 initial contribution to the fund and plans to make quarterly contributions of $50,000 beginning in three months. The fund earns 12%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) What will be...
Troy is saving for his retirement 22 years from now by setting up a savings plan. He has set up a...
Troy is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $ 127.00 at the end of each month for the next 11 years. Interest is 7 % compounded monthly. (a) How much money will be in his account on the date of his retirement? (b) How much will Troy contribute? (c) How much will be interest? (a) The future value will...
You want to accumulate $3 million by your retirement date, which is 25 years from now....
You want to accumulate $3 million by your retirement date, which is 25 years from now. You will make 25 deposits in your bank, with the first occurring today. The bank pays 10% interest, compounded annually. You expect to receive annual raise of 5%, which will offset inflation, and you will let the amount you deposit each year also grow by 5% (i.e., your second deposit will be 5% greater than your first, the third will be 5% greater than...
Calculate the annual retirement saving if the saving period is 25 years. The annual retirement withdrawal...
Calculate the annual retirement saving if the saving period is 25 years. The annual retirement withdrawal will be $60,000 and the retirement will last for 20 years. The interest rate is 10%. Please round your answer to the first decimal.
Adams Quincy wants to withdraw $31,300 each year for 12 years from a fund that earns...
Adams Quincy wants to withdraw $31,300 each year for 12 years from a fund that earns 6% interest. How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) First withdrawal at year-end enter a dollar amount rounded to 0 decimal places First withdrawal immediately enter a...
Chapter 2 Financial Planning Exercise 7 Funding a retirement goal Austin Miller wishes to have $1,000,000 in a retirement fund 25 years from now. He can create the retirement fund by making a single lump-sum deposit today. Use next table to solve the following problems. a. If upon retirement in 25 years, Austin plans to invest $1,000,000 in a fund that earns 4%, what is the maximum annual withdrawal he can make over the following 20 years? Round the answer...
Starr Company decides to establish a fund that it will use 4 years from now to replace an aging production facility. The company will make a $98,000 initial contribution to the fund and plans to make quarterly contributions of $54,000 beginning in three months. The fund earns 12%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table Factor" to 4 decimal places and final...
Starr Company decides to establish a fund that it will use 10 years from now to replace an aging production facility. The company will make a $100,000 initial contribution to the fund and plans to make quarterly contributions of $50,000 beginning in three months. The fund earns 12%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.) What will be...
Most questions answered within 3 hours.
-
A company is interested in estimating the costs of lunch
in their cafeteria. After surveying employees,...
asked 59 seconds from now -
Our ability to see distinct edges as well as our errors in
contrast perceptions (e.g., seeing...
asked 1 minute ago -
you want to measure the gravitational acceleration at your
location. since g does not vary significantly...
asked 15 minutes ago -
Aside from commercial tools that are specifically geared toward
TAR/PC( Technology-Assisted Review), are there potential
alternative...
asked 17 minutes ago -
A woman expends 94 kJ of energy in walking a kilometer. The
energy is supplied by...
asked 9 minutes ago -
the period of a pendulum on earth is 5 seconds. what will be the
period of...
asked 33 minutes ago -
The
act of turning media against itself, such as flash mobs and
billboard is called
a....
asked 29 minutes ago -
A set of length measurements are obtained with the values 165.6
± 0.3, 165.1± 0.4,166.4± 1.0,...
asked 30 minutes ago -
Vertical Analysis
Income statement information for Einsworth Corporation
follows:
Sales
$237,000
Cost of goods sold
78,210...
asked 36 minutes ago -
A simple random sample was taken to test the claim that the
population mean is no...
asked 31 minutes ago -
Overview
JAVA LANGUAGE PROBLEM:
The owner of a restaurant wants a program to manage online
orders...
asked 37 minutes ago -
1- What is “progressive production?”
2- Where did the assembly line originate? (Name the industry)
3....
asked 35 minutes ago