Question

You have just started a new job and plan to save $5,450 per year for 31...

You have just started a new job and plan to save $5,450 per year for 31 years until you retire. You will make your first deposit in one year. How much will you have when you retire if you earn an annual interest rate of 9.19 percent?

Homework Answers

Answer #1

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

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
1.You are going to deposit $2,800 in an account that pays .54 percent interest compounded quarterly....
1.You are going to deposit $2,800 in an account that pays .54 percent interest compounded quarterly. How much will you have in 8 years? 2.You have $5,000 and will invest the money at an interest rate of .21 percent per month until the account is worth $9,800. How many years do you have to wait until you reach your target account value? 3.You have just started a new job and plan to save $4,500 per year for 40 years until...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $ 5,500 per year with the first investment made one year from now. You think you can earn 12.0​% per year on your investments and you plan to retire in 38 ​years, immediately after making your last 5,500 investment. a. How much will you have in your retirement account on the day you​ retire? b.​ If, instead of investing $5,500 per​ year, you wanted...
Suppose you plan to save $8,000 per year for the 40 years you are working. In...
Suppose you plan to save $8,000 per year for the 40 years you are working. In addition to the amount you are saving each year, you expect to sell your house for $500,000 in year 35 and deposit this money into your account. How much can you withdraw in equal amounts each year for the 35 years you are retired. The interest rate you will earn during the 40 years you are saving is 8%. Once you retire, you’ll reduce...
You are 23 years old and decide to start saving for your retirement. You plan to...
You are 23 years old and decide to start saving for your retirement. You plan to save $ 6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 69. Suppose you earn 12% per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 40 to...
You are 30 years old and decide to start saving for your retirement. You plan to...
You are 30 years old and decide to start saving for your retirement. You plan to save $ 5000 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 65 Suppose you earn 11 % per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 39...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $5,000 per year with the first investment made one year from now. You think you can earn 10% per year on your investments and you plan to retire in 43 years, immediately after making your last $5,000 investment. Please show how to solve on Excel. a. How much will you have in your retirement account on the day you retire? b. If, instead of...
2) You are trying to decide how much to save for retirement. Assume you plan to...
2) You are trying to decide how much to save for retirement. Assume you plan to save $7,500 per year with the first investment made one year from now. You think you can earn 9.0​% per year on your investments and you plan to retire in 39 ​years, immediately after making your last $7,500 investment. a. How much will you have in your retirement account on the day you​ retire? b.​ If, instead of investing $7,500 per​ year, you wanted...
You plan to save $6,700 per year for the next 10 years. After the last deposit,...
You plan to save $6,700 per year for the next 10 years. After the last deposit, you will keep the money in the account for 6 more years. The account will earn an interest rate of 7 percent. How much will there be in the account 16 years from today?
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $6,000 per year with the first investment made one year from now. You think you can earn 11.0​% per year on your investments and you plan to retire in 28 ​years, immediately after making your last $6,000 investment. a. How much will you have in your retirement account on the day you​ retire? b.​ If, instead of investing $6,000 per​ year, you wanted to...
You are trying to decide how much to save for retirement. Assume you plan to save...
You are trying to decide how much to save for retirement. Assume you plan to save $4,000 per year with the first investment made one year from now. You think you can earn 8.0​% per year on your investments and you plan to retire in 34 ​years, immediately after making your last $4,000 investment. a. How much will you have in your retirement account on the day you​ retire? b. ​ If, instead of investing $4,000 per​ year, you wanted...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Suppose R>0. Which of the following statements might be true about a power series centered about...
    asked 2 minutes ago
  • An Engineering consultant appointed on the construction of a Bridge site decided to conduct the Plate...
    asked 20 minutes ago
  • Create a program in java using if statements Suppose the WIFI of a client is not...
    asked 30 minutes ago
  • W Mart, one of major retailers, reported cash flows and earning: Comprehensive income) for the firm...
    asked 42 minutes ago
  • Parker Hi-Fi Systems Parker Hi-Fi Systems, located in Wellesley, Massachusetts, a Boston suburb, assembles and sells...
    asked 42 minutes ago
  • Manufacturing companies strive to maintain production​ consistency, but it is often difficult for outsiders to tell...
    asked 53 minutes ago
  • There is a difference between statistical probability and theoretical probability. The theoretical probability of rolling a...
    asked 1 hour ago
  • In a small struggling technology company, the employees are aware that processes and structures must change...
    asked 1 hour ago
  • On June 30, 2018, Blue, Inc. leased a machine from Large Leasing Corporation. The lease agreement...
    asked 1 hour ago
  • You are on a mountain and see three other mountain tops that create a polygonal valley....
    asked 1 hour ago
  • Congressional Ethics: Identify one (1) member of Congress who has been charged with ethics violations in...
    asked 1 hour ago
  • A study had a statistically significant finding that walking 1 mile everyday will reduce the BMI...
    asked 1 hour ago