Question

A civil engineer planning for her retirement places 11% of her salary each year into a...

A civil engineer planning for her retirement places 11% of her salary each year into a high-technology stock fund. If her salary this year (end of year 1) is $180,000 and she expects her salary to increase by 4% each year, what will be the future worth of her retirement fund after 17 years provided it earns 7% per year?

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
Mary’s starting salary as an Industrial Engineer is $55000. She is planning to place a total...
Mary’s starting salary as an Industrial Engineer is $55000. She is planning to place a total of 5% of her salary each year in a mutual fund (which is an investment program). She expects a 3% salary increase each year for the next 30 years of employment. If the mutual fund will have 9% annual return over the course of her career, what can Mary expect at retirement (i.e. after 30 years)? Her first payment happens one year from now....
Emily Dorsey's current salary is $84000 per year, and she is planning to retire 20 years...
Emily Dorsey's current salary is $84000 per year, and she is planning to retire 20 years from now. She anticipates that her annual salary will increase by 2000 each year ($84000 the first year, to $86000 the second year, $88000 the third year, and so forth), and she plans to deposit 5 % of her yearly salary into a retirement fund that earns 4 % interest compounded daily. What will be the amount of interest accumulated at the time of...
Ashley turned 30 today, and she is planning to save $3,000 per year for retirement, with...
Ashley turned 30 today, and she is planning to save $3,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund, which she expects to provide a return of 8.20% per year throughout her lifetime. She plans to retire 35 years from today, when she turns 65, and she expects to live for 30 years after retirement, to age 95. Under these assumptions, how much can she spend...
Marcy Johnson is planning for her golden years. The details of her retirement plans follow: Time...
Marcy Johnson is planning for her golden years. The details of her retirement plans follow: Time until retirement (in years) 19 Expected life span after retirement (in years) 28 Annual planned withdrawl from retirement fund (at the beginning of the year) $ 63,000.00 Retirement savings already accumulated $ 13,000.00 Before retirement interest rate 8% during retirement interest rate 11% How much does Marcy need to contribute to her retirement fund at the end of each year in order to fund...
PROBLEM 7 – Time-Value-of-Money and Retirement Planning Ellen is 30 years old and plans to start...
PROBLEM 7 – Time-Value-of-Money and Retirement Planning Ellen is 30 years old and plans to start saving $10,000 annually, toward her retirement. She will put the $10,000 into an investment account at the end of each year. She will put this savings into a mutual fund. She intends to retire in 35 years. Upon her retirement, she will move her savings, (i.e. her “nest egg”) into a relatively low-risk account that earns 4.0% annually. Her first withdrawal will be made...
Mrs. X turned 45 today, and she is planning to save $17,000 per year for retirement,...
Mrs. X turned 45 today, and she is planning to save $17,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 5.5% per year. She plans to retire 20 years from today, when she turns 65, and she expects to live for 20 years after retirement, to age 85. Under these assumptions, how much can she spend each year after...
sandra is planning for her retirement. She is 35 years old and expects to retire in...
sandra is planning for her retirement. She is 35 years old and expects to retire in 40 years from now. She expects to live for another 25 years after retirement. Her current anneal expenditures are 54,000 and she expects them to increase at a rate of 3%per year, the rate of inflation, until she retires Upon retiring, her expenditures will be equal to her consumption expenditure at 75. Sandra belives that she can accumulate 2m$ by the time she retires....
Your sister turned 35 today, and she is planning to save $30,000 per year for retirement,...
Your sister turned 35 today, and she is planning to save $30,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 7.5% per year. She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend each year after...
Your sister turned 35 today, and she is planning to save $40,000 per year for retirement,...
Your sister turned 35 today, and she is planning to save $40,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 7.5% per year. She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend each year after...
Your actuarial study buddy is also investing 10% of her salary at the end of each...
Your actuarial study buddy is also investing 10% of her salary at the end of each year into a retirement account. Her salary this year is also $45,000. However, at her company, she expects to receive annual salary increases of $3,000 each year as she passes actuarial exams. If the annual effective rate of interest is 6%, how much will she have in her retirement account at the end of 9 years? Round your final answer to the nearest whole...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT