Question

Suppose you have a 401K account, which has an initial balance of $6,400 and has monthly contributions of $400. Assume it earns 6.4% annual interest, compounded monthly. In 29 years, if the total balance of the account is annuitized, what would the monthly payment be if the annuity is to last for 24 years, and the account earns 4.4%, compounded monthly, during the annuity period?

Answer #1

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Suppose you have a nest egg (retirement account balance)
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Between the ages of 22 and 37, you deposit $300 per month into a
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5)
Many persons prepare for retirement by making monthly contributions
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to...

Suppose a person has contributed $2,000 per year for 30 years at
6% interest rate and then retired. The balance in the account is
then used to purchase an annuity which will make a payment at the
end of each month for the following 20 years, completely exhausting
the account. The annuity pays 7.29% compounded monthly. What will
the amount of the monthly payment be?
PLEASE SHOW WORK

Suppose that for retirement purposes, over the course of 27
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compounded monthly. After those 27 years, you then want to make
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Must show all your work.
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