Question

You are focused on saving for retirement when you graduate and budget saving $400 per month...

You are focused on saving for retirement when you graduate and budget saving $400 per month for the first 22 years of your career. For the remaining 18 years of your career, you plan to increase your savings to $600 per month. How much will you accumulate over the 40 years if you invest the funds at an annual rate of 8.2%?

a. Less than $600,000

b. Between $600,000 and $800,000

c. Between $800,000 and $1,200,000

d. Between $1,200,000 and $1,500,000

e. Greater than $1,500,000

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5. At the end of this month, you will start saving $150 a month for retirement...
5. At the end of this month, you will start saving $150 a month for retirement through your company’s retirement plan. Your employer will contribute an additional $.50 for every $1.00 you save. If you are employed by this firm for 30 more years and earn an average 12 percent on your retirement savings, how much will you have in your retirement account 30 years from now?
You just decided to begin saving for retirement. You will make deposits of $1,000 per month...
You just decided to begin saving for retirement. You will make deposits of $1,000 per month into a retirement account that earns 8.00% p.a. The first deposit is made today and the last deposit will be made when you retire exactly 30 years from today. (Note: you make 361 total monthly deposits into your retirement account.) You will begin to make withdrawals from the account the first month after you retire. If you plan to live an addition 25 years...
You just decided to begin saving for retirement. You will make deposits of $1,000 per month...
You just decided to begin saving for retirement. You will make deposits of $1,000 per month into a retirement account that earns 8.00% p.a. The first deposit is made today and the last deposit will be made when you retire exactly 30 years from today. The day you retire you will buy an RV for $240,000. You will begin to make withdrawals from the account the first month after you retire. If you plan to live an addition 25 years,...
Once you graduate, you decide to start investing $1000 per month for 40 years when you’ll...
Once you graduate, you decide to start investing $1000 per month for 40 years when you’ll reach retirement. You estimate you’ll earn 6% annually (interest is compounded monthly). If you’re correct, what will your balance be at retirement? Give you answer to 2 decimal places.
You want to receive $5,000 per month in retirement. If you can earn .75% per month...
You want to receive $5,000 per month in retirement. If you can earn .75% per month and you expect to need the income for 25 years, how much do you need to have in your account at retirement? You want to receive $5,000 per month for the next 5 years. What monthly rate would you need to earn if you only have $200,000 to deposit? You are saving for a new car and plan to put $3,000 per year in...
You are saving money to go to graduate school. You've taken your first job and you...
You are saving money to go to graduate school. You've taken your first job and you plan to save $628 each month into the bank account that pays 6.69% compounded monthly for the next five years for your grad school fund. How much money will you accumulate by the end of year five? Please round your answer to the second decimal without dollar sign. e.g. 1.11
You begin saving for retirement at age 25, and you plan to retire at age 60....
You begin saving for retirement at age 25, and you plan to retire at age 60. You want to deposit a certain amount each month into an account that pays an APR of 6% compounded monthly. Make a table that shows the amount you must deposit each month in terms of the nest egg you desire to have when you retire. (Round your answers to the nearest cent.) Nest egg size Needed deposit $100,000 $ $200,000 $ $300,000 $ $400,000...
A year from now, you plan to begin saving for your retirement by depositing $20,000 into...
A year from now, you plan to begin saving for your retirement by depositing $20,000 into a new savings account that has an expected return of 5.75% compounded monthly. You plan to continue depositing the same amount each year until you retire in 35 years. You expect to make withdrawals from your savings account every month for 40 years after you retire. Assume you were asked to find the amount you will be able to withdraw each month from your...
You would like to accumulate $850,000 for your retirement life. If you still have 30 years...
You would like to accumulate $850,000 for your retirement life. If you still have 30 years until retirement, have no retirement savings now, and believe you can earn 7% per year on your investments, how much should you invest monthly to reach your retirement goal? please show work of how to obtain this answer
You are 30 and have decided you need to start saving for retirement in your 401(k)...
You are 30 and have decided you need to start saving for retirement in your 401(k) by depositing $1,325 per month. You are splitting your money between two investment options: 60% in Fund Aggressive which is expected to earn 10.5% annually and 40% in Fund Conservative which is expected to earn 5% annually. Once you retire at 65 and want to be sure that your spending lasts for 30 years. How much can you spend per month in retirement. Assume...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT