Question

PLEASE WORK IN EXCEL SHEET 2. You plan to retire in 30 years and you are...

PLEASE WORK IN EXCEL SHEET

2.

You plan to retire in 30 years and you are investing $250 per month in the BMO Large-Cap Growth mutual fund. The fund has an average annual return of 13.45%. How much will you have at retirement?

PLEASE WORK IN EXCEL SHEET

Homework Answers

Answer #1
Investment per month $              250.00
Annual return 13.45%
Monthly return 1.12%
Number of years                           30
Number of monthly investments                        360
Amount at retirement $ 1,210,883.35

Excel formulas:

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
Please work on EXCEL sheet Upon retirement, you want to have enough money to provide an...
Please work on EXCEL sheet Upon retirement, you want to have enough money to provide an income of $5,000 per month for 35 years. Given a return of 8.0%, how much money will you need at retirement? Please work on EXCEL sheet
Assume you are now 30 years old. You plan to retire when you are 60 years...
Assume you are now 30 years old. You plan to retire when you are 60 years old. You think you will live until you are 85 years old. a. If the rate of return during your working years (a.k.a. the "savings period") is 10% and you plan to save $1,000 per year, how much will you have saved up by retirement age? b. If the rate of return during your retirement is 7%, how much will you receive as an...
Assume that you will retire in 30 years. You plan to be retired for a total...
Assume that you will retire in 30 years. You plan to be retired for a total of 30 years. You wish to withdraw the equivalent of $50,000 per year (in TODAY'S dollars) from your retirement fund each year that you are retired (ASSUME that there will NOT be any adjustments for inflation DURING your retirement. You will withdraw the same dollar amount every year that you are retired). The expected inflation rate for the next 30 years is 3%. You...
You want to plan your retirement. Your assumption is that you will work for 35 years...
You want to plan your retirement. Your assumption is that you will work for 35 years and after that need $300,000 annually for 30 years starting a year after you retire. In order to fund your retirement plan you want to invest the same amount at the end of each year (including the year 35) starting one year from now. How much would you have to invest each year over your working career? (Assumption with a 4% annual return to...
You plan to retire in 35 years and withdraw $450,000 per year for 30 years during...
You plan to retire in 35 years and withdraw $450,000 per year for 30 years during retirement. If you can earn 12% until you retire and 6% during retirement, how much must you deposit each month until you retire to meet your goal? A. $6,868 B. $963 C. $2,606 D. $700
PLEASE SOLVE IN EXCEL SHOW ALL WORK! MUST USE FORMULAS!! Thank you!! You are saving for...
PLEASE SOLVE IN EXCEL SHOW ALL WORK! MUST USE FORMULAS!! Thank you!! You are saving for retirement in 40 years. You deposit $20,000 in a bank account today that pays 3.5% interest, compounded semiannually. You leave those funds on deposit until you retire. You also contribute $5,000 a year to a pension plan for 20 years and then you stop making contributions to the fund. You leave your money in the pension fund until you retire. The pension plan grows...
1a) You estimate that by the time you retire in 35 years, you will have accumulated...
1a) You estimate that by the time you retire in 35 years, you will have accumulated savings of $2 million. If the interest rate is 3.5% and you live 20 years after retirement, what annual level of expenditure will those savings support? Unfortunately, inflation will eat into the value of your retirement income. Assume a 1.5% inflation rate and work out a spending program for your retirement that will allow you to increase your expenditure in line with inflation Group...
Assume that you plan to retire in 45 years and that you estimate you will need...
Assume that you plan to retire in 45 years and that you estimate you will need an income of $200,000 on the day you retire and an equivalent amount, adjusted for inflation, at the beginning of each year for a total of 35 years. You will take a world-wide cruise 10 years after you retire and estimate the cost to be $100,000. Assume that you will earn 12.00 percent during your working years and 6.00 percent after you retire. You...
Excel retirement problem:  You just got your first job and plan to start saving for...
Excel retirement problem:  You just got your first job and plan to start saving for retirement by investing with each monthly paycheck.  You plan to retire in 45 years.  In 50 years, you want to give your daughter a gift of $1,000,000.  You will receive an inheritance from a rich great-uncle of $250,000 in 20 years.  You think you will want $150,000 every year when you retire, starting the day you retire. You plan to...
) As the owner of a successful and profitable company, you plan to retire in 25...
) As the owner of a successful and profitable company, you plan to retire in 25 years. To fund your retirement, you will start putting $1,000 into an investment account at the end of each month until retirement. A. If you expect the account to average a 7% return, compounded monthly, how much money will be in the account when you reach retirement? B. How much money will be in the account if the $1,000 monthly contributions are made at...