Question

B will retire at the end of the year when he turns 65 from his current...

B will retire at the end of the year when he turns 65 from his current job. If you have to set aside 1 million won at the end of each month from now until the year you retire in order to receive 50 million won at the end of each year for 20 years after retirement, how old is Mr. However, the interest rate is r = 5% monthly interest rate.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An individual wants to retire in 15 years when he turns 65. He wants to have...
An individual wants to retire in 15 years when he turns 65. He wants to have enough money to maintain his current income, which is $55,000 per year. It is assumed that a 6% annual investment rate of return and a 4% inflation rate per year. He expects that he will live to be 90 years old. He expects his raises to equal the inflation rate, approximately how much does he need at retirement to fulfill his retirement goals? (...
A) Derek plans to retire on his 65th birthday. However, he plans to work part-time until...
A) Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $120,165.00 from his retirement account until he turns 94.00. He he will make contributions to his retirement account from his 26th...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 74.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 74.0 when he fully retires, he will begin to make annual withdrawals of $112,331.00 from his retirement account until he turns 89.00. After this final withdrawal, he wants $1.49 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $118,640.00 from his retirement account until he turns 89.00. After this final withdrawal, he wants $1.26 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 74.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 74.0 when he fully retires, he will begin to make annual withdrawals of $130,692.00 from his retirement account until he turns 88.00. After this final withdrawal, he wants $1.38 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will begin to make annual withdrawals of $157,002.00 from his retirement account until he turns 90.00. After this final withdrawal, he wants $1.09 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 75.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 75.0 when he fully retires, he will begin to make annual withdrawals of $104,624.00 from his retirement account until he turns 95.00. After this final withdrawal, he wants $1.19 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $146,887.00 from his retirement account until he turns 88.00. After this final withdrawal, he wants $1.41 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 74.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 74.0 when he fully retires, he will begin to make annual withdrawals of $198,730.00 from his retirement account until he turns 91.00. After this final withdrawal, he wants $1.92 million remaining in his account. He...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he...
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 72.0 when he fully retires, he will begin to make annual withdrawals of $153,143.00 from his retirement account until he turns 93.00. After this final withdrawal, he wants $1.55 million remaining in his account. He...