Question

During your retirement you will need $4,000 per month, each month, for 300 months. You plan...

During your retirement you will need $4,000 per month, each month, for 300 months. You plan on retiring 60 months from today. If your investments earn 6% APR (compounded monthly), how much would you need to have today to fully fund your retirement?

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
During your retirement you will need $4,132 per month, each month, for 174 months. You plan...
During your retirement you will need $4,132 per month, each month, for 174 months. You plan on retiring 74 months from today. If your investments earn 5% APR (compounded monthly), how much would you need to have today to fully fund your retirement?
You plan to visit France for 3 months, (starting next month). You will spend $8,412 in...
You plan to visit France for 3 months, (starting next month). You will spend $8,412 in each of those months. How much do you need to invest today to just fund your visit if your investments earn 2.86% APR (compounded monthly)?
You have finished your time at Kelley and need to start thinking about retirement. You plan...
You have finished your time at Kelley and need to start thinking about retirement. You plan on working for 20 more years and then retire. Upon your retirement 20 years from today, you plan to have enough money to withdraw $10,000 per month, with the first payment coming exactly one month after your retirement day. You expect your retirement account to earn a return of 8% APR (stated rate), compounded monthly, on all funds in the retirement account. Assuming you...
You plan to take a vacation in 6 months that will cost $5,350 How much do...
You plan to take a vacation in 6 months that will cost $5,350 How much do you have to invest today to just fund your vacation if your investments earn 3.13% APR (compounded monthly)? You will have a property tax payment due in 8 months that will cost $9,975. How much do you have to invest today to have just enough to pay your property tax bill if your investments earn 3.58% APR (compounded monthly)?
a. You plan on going on a 8 month vacation 8 months from now. You can...
a. You plan on going on a 8 month vacation 8 months from now. You can pay $3,904 per month during the vacation, or you can pay $24,441 today. If you pay today, how much does it save (or cost) you in present value term if your investments earn 4.39% APR (compounded monthly)? If it costs you more to pay today, state your answer with a negative sign (eg., -2000). b. You've just been hired at a new job. You...
a. You plan to take a vacation in 10 months that will cost $8,167 How much...
a. You plan to take a vacation in 10 months that will cost $8,167 How much do you have to invest today to just fund your vacation if your investments earn 4.7% APR (compounded monthly)? b. You will have a property tax payment due in 10 months that will cost $8,292. How much do you have to invest today to have just enough to pay your property tax bill if your investments earn 4.9% APR (compounded monthly)?
You plan on going on a 11 month vacation 9 months from now. You can pay...
You plan on going on a 11 month vacation 9 months from now. You can pay $4,118 per month during the vacation, or you can pay $33,934 today. If you pay today, how much does it save (or cost) you in present value term if your investments earn 4.85% APR (compounded monthly)? If it costs you more to pay today, state your answer with a negative sign (eg., -2000).
You are managing a trust fund that must pay its owner $17,756 each month, for 86...
You are managing a trust fund that must pay its owner $17,756 each month, for 86 months, (starting next month). How much do you need to invest today to make the trust fund payments if your investments earn 4.05% APR (compounded monthly)?
You turn 35 today, and you plan to save $2,000 each month for retirement, with the...
You turn 35 today, and you plan to save $2,000 each month for retirement, with the first deposit made at the end of this month. You plan to retire 30 years from today, when you turn 65, but you're not sure how long you can expect to live after retirement, so you want the payments to go on forever. Under these assumptions, how much can you spend each month after you retire? Your first withdrawal will be made at the...
You calculate you’ll need $2,600,000 saved for retirement when you plan to retire in 40 years....
You calculate you’ll need $2,600,000 saved for retirement when you plan to retire in 40 years. You think you will earn 12% per year on your investments (ignore taxes) and currently have no savings. You want to save the same amount each month going forward (i.e. your monthly contribution to your retirement fund will always be the same), and you will save this amount at the end of each month. How much money do you need to save each month...