Mary age 65 expects to live for 20 years. If she can invest at 4% per...
Mary age 65 expects to live for 20 years. If she can invest at 4% per annum compounded monthly, how much does she need now to guarantee herself $300 every month for the next 25 years?
Homework Answers
PV of Annuity = Annuity * [{1 - (1 + r)-n} / r]
= $300 * [{1 - (1 + 0.04/12)-(25*12)} / (0.04/12)]
= $300 * [0.6315 / 0.0033]
= $300 * 189.4525 = $56,835.74
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Please answer the following questions and show work. Thank you! Present Value of Annuity; Amortization Find...
Please answer the following questions and show work. Thank
you!
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6) a) Nana just retired at the age of 62 and expects to live until she...
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An individual is currently 30 years old and she is planning her financial needs upon retirement. She will retire at age...
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Please answer the following questions and show work. Thank
you!
Present Value of Annuity; Amortization Find the present value of each annuity. 4. The withdrawal is to be $400 per month for 18 months at 5% compounded monthly. 10. A loan of $5,000 amortized over 36 months at 12% 16. Retirement Planning Sharon, at age 65, can expect to live for 25 years. If she can invest at 4% per annum compounded monthly, how much does she need now to...
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...
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