Your mother has just retired. The balance in her investment account is $600,000 and she wants...
Your mother has just retired. The balance in her investment account is $600,000 and she wants to receive monthly payments of $5,000. If she receives the payments at the end of the month, and the current interest rate is 7 percent, compounded quarterly, how many months will her investment account last for?
Homework Answers
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
Hope it will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.
Add Answer to:
Your mother has just retired. The balance in her investment
account is $600,000 and she wants...
Sharon has just retired, and has 400000 dollars in her retirement account. The account will earn...
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...
1. You aunt has just retired and has $5,000,000 in her retirement account. She expects to...
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,...
Gary has just retired, and has 1000000 dollars in his retirement account. The account will earn...
Gary has just retired, and has 1000000 dollars in his retirement account. The account will earn interest at an annual rate of 5 percent, compounded monthly At the end of each month, Gary will withdraw a fixed amount to cover his living expenses. Gary wants his savings to last exactly 20 years. How much money can he withdraw each month? (Give your answer in dollars, correct to the nearest cent.) monthly withdrawal: 2216.30X What is the maximum amount that Gary...
1. Shirley wants to go on a trip to Hawaii. She budgets that she can save...
1. Shirley wants to go on a trip to Hawaii. She budgets that she can save $108 at the end of every month, and interest in her account is 8% compounded biweekly. By looking at prices, she knows that the trip will cost her $4813 total. How long in years (round to two decimal places) will it take before she can go on her trip? 2. Joey buys a new Honda civic for $18997. He agrees to payments at the...
6) Nana just retired at the age of 62 and expects to live until she is...
6) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash on...
6) a) Nana just retired at the age of 62 and expects to live until she...
6) a) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash...
Nana just retired at the age of 62 and expects to live until she is 85...
Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash on hand...
6) a) Nana just retired at the age of 62 and expects to live until she...
6) a) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash...
help! 6. -15 points Derek has just retired, and has 250000 dollars in his retirement account....
help!
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...
Jody wants to travel at the time when her bank account has $11,675, and she needs...
Jody wants to travel at the time when her bank account has $11,675, and she needs to withdraw from her account $2,085 at the end of each six months for the travel expenses while she travels until no fund remains in her account. Jody would like to know for how long (in years) she can withdraw $2,085 from her account at the end of every six months if interest is 4% compounded quarterly. Answer the following question: How many semi-annual...
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...
Gary has just retired, and has 1000000 dollars in his retirement account. The account will earn interest at an annual rate of 5 percent, compounded monthly At the end of each month, Gary will withdraw a fixed amount to cover his living expenses. Gary wants his savings to last exactly 20 years. How much money can he withdraw each month? (Give your answer in dollars, correct to the nearest cent.) monthly withdrawal: 2216.30X What is the maximum amount that Gary...
6) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash on...
6) a) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash...
6) a) Nana just retired at the age of 62 and expects to live until she is 85 years old. She has $402,000 in her retirement savings account. She is somewhat conservative with her money and expects to earn 6 percent during her retirement years. How much can she withdraw from her retirement savings at the end of each month if she plans to spend her last penny on the morning of her death? b) Nana has some extra cash...
help!
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...
Jody wants to travel at the time when her bank account has $11,675, and she needs to withdraw from her account $2,085 at the end of each six months for the travel expenses while she travels until no fund remains in her account. Jody would like to know for how long (in years) she can withdraw $2,085 from her account at the end of every six months if interest is 4% compounded quarterly. Answer the following question: How many semi-annual...
Most questions answered within 3 hours.
-
Provide a summary/reflection of what you gleaned of how law
enforcement is effect by Unconventional Weapons...
asked 12 minutes ago -
From the following heats of combustion,
CH3OH(l) + 3/2O2(g) → CO2(g) +
2H2O(l)
ΔHorxn = –726.4...
asked 6 minutes ago -
Floating Point Representation
Consider a computer that stores information using 10 bits words.
The first bit...
asked 35 minutes ago -
. The theoretical weight percent of carbon in (CH3)3N is:
A. 20.32% B. 81.95% C. 9.97%...
asked 28 minutes ago -
The rate of a certain reaction is given by the following rate
law:
rate = k[H2][I2]...
asked 22 minutes ago -
A 10,000 uF capacitor is in series with a 1 uH inductor. What is
Zeq of...
asked 27 minutes ago -
Draw the molecular orbital diagram for O2-
(oxygen molecule with a negative charge).
asked 44 minutes ago -
Of all the different weapons discussed in this chapter that make
up CBRNE,
Which group do...
asked 41 minutes ago -
Given the following JavaScript code, what will be displayed on
the web page?
var x =...
asked 52 minutes ago -
The cynics, skeptics, epicureans, & stoics were most
philosophies that dealt with:
a. the physical...
asked 54 minutes ago -
The hydronium ion concentration of an aqueous solution of 0.333
M trimethylamine (a weak base with...
asked 55 minutes ago -
A buffer is prepared by partially titrating 50.00 mL of 0.964 M
benzoic acid using 0,100...
asked 58 minutes ago