ZuoTi.Pro
Question

using time value to estimate savings

De Marcus wants to retire with $1million in savings by the time he turns 65. He is currently 18 years old. How much will he need to save each year assuming he can get a 13% annual return on his investments?

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

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
using time value to estimate savings
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

Similar Homework Help Questions

  •  DeMarcus wants to retire with​ $1 million in savings by the time he turns 70. He...

     DeMarcus wants to retire with​ $1 million in savings by the time he turns 70. He is currently 18 years old. How much will he need to save each​ year, assuming he can get a 10​% annual return on his​ investments?

  • 3.DeMarcus wants to retire with $1million in savings by the time he turns 60. He is...

    3.DeMarcus wants to retire with $1million in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments? 4..How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually? 5..You have​ $3,000 that you may need any day to replace the furnace...

  • 0.55 QUESTION 3 DeMarcus wants to retire with simillion in savings by the time he turns...

    0.55 QUESTION 3 DeMarcus wants to retire with simillion in savings by the time he turns 60. He is currently 18 years old. How much will he need to save each year, assuming he can get a 11% annual return on his investments? O A 1392 78 8. 1.388.92 C. 1.390.86 QUESTION 4 How much will be in an account at the end of five years the amount deposited today is $10,000 and interest is 8% per year, compounded semi-annually?...

  • Last 4 digits of CUNYFirst ID BUS 121 - - Name Time Value of Money: Problem...

    Last 4 digits of CUNYFirst ID BUS 121 - - Name Time Value of Money: Problem Set la Tips: • For now, ignore "payment" and "mode" in the TVM calculator app. Problems: 1. Shirin needs to borrow $3.000 and is considering her options. Her bank is offering to lend her the money for 2 van after which she will need to make a single payment to the bank in the amount of $3,500. Her cousin offered to lend her money,...

  • Wealth Management

    Anupam is currently 38 years old and plans to retire when he is 65. He earns Rs25,00,000 a year as a wedding planner and gets a 5% increase every year . He currently has Rs 3,80,000 saved for his retirement in an equity fund that earns 20%. Anupam will leave the money in this mutual fund until he retires, the time when he will place all his savings into a money market mutual fund that earns 6%. He contributes 10%...

  • $ for Savings (from Budget): $                                     &n

    $ for Savings (from Budget): $                                                                                                              157,131 Match: 3% Expected Return: 7% Years: 35 Question Part Two #1 Based on you’re the money available for savings from your budget, how much money would you have when you turn 65, assuming you earn a 7% annual return on your investments?   Annual Savings (be sure to include the employer match) Total Amount at age 65 #2 During retirement, your return drops to 5% annually as you decide to invest more conservatively to...

  • I need assistance with this question. 1. Jordan wants to retire in 15 years when he...

    I need assistance with this question. 1. Jordan wants to retire in 15 years when he turns 65. Jordan wants to have enough money to replace 75% of his current pre-tax (before income tax and FICA) income in annual installments at the beginning of each year less what he expects to receive from Social Security. He expects to receive $20,000 per year from Social Security in today's dollars. Jordan is conservative and wants to assume a 6% annual investment rate...

  • Mr. Heffernan wants to give his twin son and daughter $100,000 each when they turn 18....

    Mr. Heffernan wants to give his twin son and daughter $100,000 each when they turn 18. Currently they are 3 years old. How much does Mr. Heffernan need to save on a monthly basis? Assuming that he could invest his savings at a portfolio that earns 4% per year. (Show calculations using Excel)

  • value: 3.00 points Six years ago, you convinced your son to deposit $900 in a savings...

    value: 3.00 points Six years ago, you convinced your son to deposit $900 in a savings account at the bank that will pay 5.25 percent interest. Currently, he is itching to spend that money. How much more money will he have if you can convince him to wait another year to withdraw his savings rather than withdrawing the funds today? O $55.09 O $69.70 O $49.73 $64.23 value: 3.00 points Nan needs to save $38,000 to finance her wedding two...

  • Your father is 50 years old and will retire in 10 years. He expects to live...

    Your father is 50 years old and will retire in 10 years. He expects to live for 25 years after he retires, until he is 85. He wants a fixed retirement income that has the same purchasing power at the time he retires as $40,000 has today. (The real value of his retirement income will decline annually after he retires.) His retirement income will begin the day he retires, 10 years from today, at which time he will receive 24...

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