Question

You currently have $1,426 in a retirement savings account that earns an annual return of 11.00%....

You currently have $1,426 in a retirement savings account that earns an annual return of 11.00%. You want to retire in 38 years with $1,000,000. How much more do you need to save at the end of every year to reach your retirement goal?

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR

NEED HELP WITH EXCEL OR FORMULA, LET ME KNOW. RHANK YOU

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
You are thinking about retirement and decide to put aside $3000 each year in a savings...
You are thinking about retirement and decide to put aside $3000 each year in a savings plan that earns 10% interest. In 15 years, you will receive a one-time gift of $20,000 that also can be invested. a. How much money will you have accumulated 30 years from now? b. If your goal is to retire with $800,000 of savings, how much extra do you need to save every year? c. If you believe that you will live 15 more...
You have a couple who are 31 years old, and want to retire at the age...
You have a couple who are 31 years old, and want to retire at the age of 67. Knowing that, the couple has a combined annual income of $95,000 today. 1. If the couple want to procrastinate their retirement savings until they reach 35, and if retirement savings will grow at a rate of 8%, how much would they need to save per year, at the end of every year, in order to achieve the $2 million target by the...
you are planning your retirement in 10 years you currently have 169000$ in a bond account...
you are planning your retirement in 10 years you currently have 169000$ in a bond account and 609000 in a stock account. you plan to add 7100$ per year at the end of each of the next 10 years to your bond the stock account will earn a return of 10.75% and the bond account will earn a return of 7.25%.when you retire you plan to withdraw an equal amount of each of the next 21 years at the end...
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...
Take control of your life. How much do you need to save for retirement at age...
Take control of your life. How much do you need to save for retirement at age 67 today on a monthly basis. If you started 10 years ago, how much would you have had to save on a monthly basis? How many years until you retire? How many months until you retire? Assume you will earn 6% return on your savings. Assume you will need $500,000 to retire. How much do you need to save monthly to reach this goal?...
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...
Suppose you want to retire when you reach age 70, at that time you want to...
Suppose you want to retire when you reach age 70, at that time you want to have $1,000,000 accumulated in your retirement account. Now your 25 years old, starting today, how much you have to save equally, at the beginning of each year, in order to reach your retirement goal if the account earns 5% annually compounded interest?
you are planning your retirement and you come to conclusions that you need to save 1,250,000...
you are planning your retirement and you come to conclusions that you need to save 1,250,000 in 30 years. You can invest into a retirement accounts that guarantees you 5% annual return. how much do you put into account at the end of each year to reach your retirement goal?
You want to have $150,000 in your retirement account when you retire in 30 years. Your...
You want to have $150,000 in your retirement account when you retire in 30 years. Your retirement account earns 7% interest. How much do you need to deposit each month to meet your retirement goal? Round your answer to the nearest cent if necessary and do not include the dollar sign.
You are saving for retirement and you want to have $1,000,000 in 40 years. Suppose you...
You are saving for retirement and you want to have $1,000,000 in 40 years. Suppose you earn an average return of 5% on all of your investments. How much do you need to set aside each year to reach your goal? You want to blow all of your retirement savings from the previous problem in 20 years from retirement. You now earn only 2% on your investment returns. How much can you spend each year?