Question

**Can you Solve it in Excel Please**

Today is your 25^{th} birthday. You have
decided that it is necessary to plan your own retirement since you
are not confident that government benefits will be available when
you retire. You will make annual payments into an
account earning 5% APY starting on your next birthday
(26^{th}) a year from now. Your last payment
will occur on your 70^{th} birthday. You have
decided that you need to plan for payments of $500,000 per year and
that there will be a total of 20 yearly payments made starting on
your 70^{th}birthday.

**How much should be in your account on your 70**^{th}birthday in order to accomplish your goal?**How much will your annual payment until you retire need to be in order to accomplish your goal?****Suppose this is your 45**^{th}birthday, instead of your 25^{th}birthday in the problem above. Now, how much will your annual payment until you retire need to be in order to accomplish your goal?

Answer #1

Today is your 25th birthday. You have
decided that it is necessary to plan your own retirement since you
are not confident that government benefits will be available when
you retire. You will make annual payments into an
account earning 5% APY starting on your next birthday
(26th) a year from now. Your last payment
will occur on your 70th birthday. You have
decided that you need to plan for payments of $500,000 per year and
that there will be a total of 20...

Today is your 25th birthday, and you have calculated that you
need to accumulate $1.4 Million by your 70th birthday in order to
retire in a manner in which you are accustomed to living. If your
retirement account earns 8.4% per year simple interest, how much
must you deposit on each of your birthdays (from 26 to 70) in order
to reach your target retirement savings on your 70th birthday?
(Answer to the nearest dollar.)
The answer is = 3205....

Today is your 25th birthday, and you want to save $1.1 Million
by your birthday at age 70. If you expect to earn 8% APR compounded
monthly in your retirement account, what constant payment at the
end of each month must you deposit into the account through your
70th birthday in order to reach your retirement savings goal on
your 70th birthday? (Answer to the nearest penny.)

Today is your 25th birthday, and you want to save $2.3 Million
by your birthday at age 70. If you expect to earn 7% APR compounded
monthly in your retirement account, what constant payment at the
end of each month must you deposit into the account through your
70th birthday in order to reach your retirement savings goal on
your 70th birthday? (Answer to the nearest penny.)

1. Today is your 25th birthday and you have a dream of retiring
on your 65thbirthday. You want to put aside however much is
necessary on your 31st through 65th birthdays (35annual payments)
to have enough to retire. You've estimated that you will live until
you are 90 and you want the first withdrawal to occur on your
66thbirthday, with the last payment occurring on your 90thbirthday.
You think that you will need $175,000 per year to spend during
retirement....

HW17. Suppose that beginning on your 25th birthday, you put
$1,000 into a savings account, and you make a new $1000 deposit
every 3 months, up to and including your 45th birthday. The savings
account pays 6% annual interest, compounded quarterly. \\
a. How much money will be in the account on your 45th
birthday?
b. How much will your first $1000 deposit end up contributing to
the amount in your bank account, on your 45th birthday?
c. The total...

Happy birthday! You are 30 years old today. You want to retire
at age 60. You want to have
$1,800,000 at retirement. Realistically, you know that the
most that you can save from your 31st birthday until your 50th is
$5,500 per year (you only save on your birthdays!). How much do
you have to save each year from your 51st to your 60th birthday in
order to achieve your retirement goal if you can earn 6% on your...

Mary's 25th birthday is today, and she hopes to retire on her
65th birthday. She has determined that she will need to have
$5,000,000 in her retirement savings account in order to live
comfortably. Mary currently has no retirement savings, and her
investments will earn 7% annually. How much must she deposit into
her account at the end of each of the next 40 years to meet her
retirement savings goal?

Today is your 21st birthday and you just decided to start saving
money so you can retire early. Thus, you are going to save $500 a
month starting one month from now. You plan to retire as soon as
you can accumulate $1 million. If you can earn an average of 8%on
your savings, how old will you be when you retire?

QUESTION 9
Suppose you plan to retire at age 70, and you want to be able to
withdraw an amount of $83,000 per year on each birthday from age 70
to age 100 (a total of 31 withdrawals). If the account which
contains your savings earns 5.4% per year simple interest, how much
money needs to be in the account by the time you reach your 70th
birthday? (Answer to the nearest dollar.)
Hint: This can be solved as a...

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