Question

Jennifer is the owner of a video game and entertainment software retail store. She is currently...

Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $14,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years into a retirement account earning interest at the rate of 4%/year compounded monthly to meet her retirement goal?

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
Jennifer is the owner of a video game and entertainment software retail store. She is currently...
Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $13,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years into a retirement account earning interest at the rate of 4%/year compounded monthly to meet her retirement goal? (Round your answer to the nearest cent.) $
Jennifer is the owner of a video game and entertainment software retail store. She is currently...
Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $15,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years into a retirement account earning interest at the rate of 2%/year compounded monthly to meet her retirement goal? (Round your answer to the nearest cent.) $
Problem 2: Jason is currently planning to retire in 25 years and wishes to withdraw $6000...
Problem 2: Jason is currently planning to retire in 25 years and wishes to withdraw $6000 per month from his retirement account for 30 years starting at that time. How much must he contribute each month into a retirement account earning interest at the rate of 6% per year compounded monthly to meet his retirement goal? (Use the TVM solver on the calculator, fill in the information that you typed in the calculator.) *
Catherine Dohanyos plans to retire in 20 years. She will make 20 years of monthly contributions...
Catherine Dohanyos plans to retire in 20 years. She will make 20 years of monthly contributions to her retirement account. One month after her last contribution she will begin the first of 10 years of withdrawal. She wants to withdraw $2800 per month. How large must her monthly contributions be in order for her to accomplish her goal if the account earns interest of 7.6% compounded monthly for the duration of her contributions and the 120 months of withdrawal.
Nikola is currently 47 years old and planning to retire at age 63. She has already...
Nikola is currently 47 years old and planning to retire at age 63. She has already saved $247,000.00 in her RRSP. If she continues to contribute $400.00 at the beginning of every month, how much money will be in her RRSP at retirement if it can earn 8% compounded monthly? No deposit is made the day she turns 63. At retirement, Nikola’s $247,000.00 will have grown to   and her $400.00 deposits will have grown to   , for a total of...
A woman plans to retire in 40 years, and she expects to live for 30 years...
A woman plans to retire in 40 years, and she expects to live for 30 years after that. She wants to spend 10,000 a month after she retires. To finance her retirement she is going to invest monthly (with her investment one month from know) over 40 years at 12.6%. After she retires she will move her investment to a more liquid account earning 7.2% a year. Ignore taxes and transaction costs. How much does she have to sabe a...
Karla plans to retire in 27 years. She will make 324 equal montly contributions to her...
Karla plans to retire in 27 years. She will make 324 equal montly contributions to her retirement account. One month after her last contribution, she will begin the first of 120 equal monthly withdrawals from the account. She expects to withdraw $2700 per month. How large must her monthly contributions be in order to accompish her goal if her account is assumed to earn interest at the APR of 3.7 %, compounded monthly througout the life of this problem? Round...
Sofia just graduated from college and she is starting her new job today. Her new employer...
Sofia just graduated from college and she is starting her new job today. Her new employer gave her a $15,000 signing bonus that she will invest today. She plans to retire 50 years from today (i.e., at the end of year 50). Once she retires, she would like to be able to withdraw from her retirement account $180,000 at the end of each year, starting the year after she retires (i.e., year 51). She expects that her retirement will last...
Sofia just graduated from college and she is starting her new job today. Her new employer...
Sofia just graduated from college and she is starting her new job today. Her new employer gave her a $15,000 signing bonus that she will invest today. She plans to retire 50 years from today (i.e., at the end of year 50). Once she retires, she would like to be able to withdraw from her retirement account $180,000 at the end of each year, starting the year after she retires (i.e., year 51). She expects that her retirement will last...
Sof ́ıa saves money for retirement. She deposits $150 on the first day of every month...
Sof ́ıa saves money for retirement. She deposits $150 on the first day of every month (starting today) for 30 years in a saving account. Altogether, 360 investments. She plans to retire after 30 years and from that time on she does not invest money anymore, and rather she plans to withdraw a fixed amount of money $Q every month (starting on the first day of the 361st month) for 40 years. Altogether, 480 withdrawals. Assume that the annual interest...