If you currently have $200,000 in your retirement account, make no new contributions, and can earn 8% (annually), how long will it take you to reach your goal of $1,000,000?
Type or paste question here
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
1,000,000=200,000*(1.08)^n
(1,000,000/200,000)=(1.08)^n
Taking log on both sides;
log 5=n*log (1.08)
n=log 5/log (1.08)
=20.91 years(Approx).
If you currently have $200,000 in your retirement account, make no new contributions, and can earn...
Q19) You currently have $1,889.00 in a retirement Savings account that earns an annual return of 12.67% . You want to retire in 40.0 years with 1,000,000. How much more do you need to Save at the end of every year to reach your retirement goal?
You currently have $4048 in a retirement savings account that earns an annual return of 11%. You want to retire in 45 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal? (nearest cent)
Finance problems thx! 5. You are planning your retirement in 10 years. You currently have $200,000 in a bond account and $400,000 in a stock account. The stock account will earn an 11.5% return and the bond account will earn a 7.5% return. When you retire, you plan to withdraw an equal amount for each of the next 25 years at the end of each year and have nothing left. Additionally, when you retire you will transfer your money to...
PLEASE ANSWER THIS TWO QUESTION THANK YOU Your parents will retire in 27 years. They currently have $380,000 saved, and they think they will need $2,350,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. You have $36,948.61 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000....
If you make an initial contribution of $8,000 to a retirement account 5 years from now and make annual contributions of $8,000 thereafter, after how many contributions will your balance have reached at least $1,000,000 if your account earns 6% annual interest?
You are planning your retirement in 10 years. You currently have $166,000 in a bond account and $606,000 in a stock account. You plan to add $7,400 per year at the end of each of the next 10 years to your bond account. The stock account will earn a return of 11 percent and the bond account will earn a return of 7.5 percent. When you retire, you plan to withdraw an equal amount for each of the next 24...
Healthcare Finance (5) A recent college graduate hopes to have $200,000 saved in their retirement account 25 years from now by contributing $150 per month in a 401(k) plan. The goal is to earn 10% annually on the monthly contribution. Will they have the $200,000 at the end of the 25 years? Answer:
You have $27,886.55 in a brokerage account, and you plan to deposit an additional $5,500 at the end of every year until your account totals $350,000. You expect to earn 8.8 percent annually on the account. How long will it take to reach your goal?
ou have $45,009.72 in a brokerage account, and you plan to deposit an additional $7,500 at the end of every future year until your account totals $200,000. You expect to earn 9.4% annually on the account. How many years will it take to reach your goal? Round your answer to two decimal places.
You have just made your first $5,500 contribution to your retirement account. Assume you earn a return of 10 percent per year and make no additional contributions. a. What will your account be worth when you retire in 45 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What if you wait 10 years before contributing? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)