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Gary has just retired, and has 1000000 dollars in his retirement account. The account will earn...
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6. -15 points Derek has just retired, and has 250000 dollars in his retirement account. The account will earn interest at an annual rate of 6 percent, compounded monthly At the end of each month, Derek will withdraw a fixed amount to cover his living expenses. Derek wants his savings to last exactly 25 years. How much money can he withdraw each month? (Give your answer in dollars, correct to the nearest cent.) monthly withdrafval What is the maximum...
Sharon has just retired, and has 400000 dollars in her retirement account. The account will earn interest at an annual rate of 8 percent, compounded monthly. At the end of each month, Sharon will withdraw a fixed amount to cover her living expenses. Sharon wants her savings to last exactly 25 years. How much money can she withdraw each month? (Give your answer in dollars, correct to the nearest cent.) monthly withdrawal: What is the maximum amount that Sharon can...
**PLEASE USE yn=(b/1-a)+(yo-b/1-a)(a^n) a. Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 250000 dollars by the time she retires. Initially, Sharon deposits 2000 dollars into the account. She will make further deposits at the end of each month. The account will earn interest at annual rate 8 percent, compounded monthly. How much will she have to deposit into the account each month in order to reach...
4. [0/4 Points] DETAILS PREVIOUS ANSWERS Frad wants to take out a loan. Suppose he can afford to make monthly payments of 600 dollars and the bank charges interest at an annual rate of 6 percent, compounded monthly What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually? (Give your answer, in dollars, correct to the nearest dollar) amount he can borrow = [0/4 Points) DETAILS PREVIOUS ANSWERS Derek wants...
Mr. Smith is 65 years old and has just retired. savings to last him to the ripe old age of 90 years old, he can withdraw $1200 each month from his retirement fund which is earning 7.2% per annum compounded monthly. Determine how much money Mr. Smith needs to have in his retirement fund today. 2. He has determined that for his retirement
1. You aunt has just retired and has $5,000,000 in her retirement account. She expects to live for another thirty years (exactly) and wishes to leave $600,000 each to the Chicago Symphony Orchestra, Lyric Opera of Chicago and Illinois Tech when she is gone. What is the most that she could withdraw from this account at the end of each quarter and still leave the money to her desired beneficiaries? The fund is expected to return six percent per annum,...
(10 points) Denzel wishes to save money to provide for his retirement. He will deposit a fixed amount into a retirement savings account each month that will earn a 9% APR. He will make monthly deposit for 30 years. Then Denzel wishes to withdraw from this account $6,000 monthly forever. During his retirement years, Denzel wants to keep his money in safer investments, so the fund will only earn a 4% APR. How much should the monthly deposits be for...
If Derek plans to deposit $12,231.00 into his retirement account on each birthday beginning with his 26th and the account earns 6.00%, how long will it take him to accumulate $3,670,397.00? Submit Answer format: Number: Round to: 2 decimal places Derek decides that he needs $106,459.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $106459.0 on each birthday from his 66th to his 90.00th. How much will he need in his retirement account on...
Edward has saved $225,000 for retirement, and his account earns 6% interest compounded monthly. How much can he take out of his account each month, if he wants to be able to take withdrawals for 15 years?
3 If Derek plans to deposit $10,558.00 into his retirement account on each birthday beginning with his 26th and the account earns 11.00%, how long will it take him to accumulate $2,814,980.00? Submit Answer format: Number: Round to: 2 decimal places. Derek decides that he needs $198,343.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $198343.0 on each birthday from his 66th to his 86.00th. How much will he need in his retirement account...