Question

Tim has nothing saved for retirement. He wants to receive $57000 per year for six years...

Tim has nothing saved for retirement. He wants to receive $57000 per year for six years during retirement. The first of these payments will be received in four years. He can earn 14.70 percent per year. How much does he need to save each year for four years to have exactly enough to meet his retirement goal if he makes his first contribution to savings in one year from today and all savings contributions are equal?

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
Parker has nothing saved for retirement. Parker wants to receive 93,030 dollars per year for 7...
Parker has nothing saved for retirement. Parker wants to receive 93,030 dollars per year for 7 years during retirement. The first of these payments will be received in 5 years. Parker can earn a return of 11.39 percent per year. How much does Parker need to save each year for 4 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?
1. Mateo has nothing saved for retirement. Mateo wants to receive 31,500 dollars each year for...
1. Mateo has nothing saved for retirement. Mateo wants to receive 31,500 dollars each year for 4 years during retirement. The first of these payments will be received in 4 years. Mateo can earn a return of 7.06 percent per year. How much does Mateo need to save each year for 4 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal
1. Mateo has nothing saved for retirement. Mateo wants to receive 66,100 dollars each year for...
1. Mateo has nothing saved for retirement. Mateo wants to receive 66,100 dollars each year for 8 years during retirement. The first of these payments will be received in 6 years. Mateo can earn a return of 9.62 percent per year. How much does Mateo need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?
Mateo has nothing saved for retirement. Mateo wants to receive 30,900 dollars each year for 5...
Mateo has nothing saved for retirement. Mateo wants to receive 30,900 dollars each year for 5 years during retirement. The first of these payments will be received in 6 years. Mateo can earn a return of 4.64 percent per year. How much does Mateo need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?
Mateo has nothing saved for retirement. Mateo wants to receive 46,900 dollars each year for 5...
Mateo has nothing saved for retirement. Mateo wants to receive 46,900 dollars each year for 5 years during retirement. The first of these payments will be received in 4 years. Mateo can earn a return of 4.45 percent per year. How much does Mateo need to save each year for 4 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal?
Mateo has nothing saved for retirement. Mateo wants to receive 37,200 dollars each year for 5...
Mateo has nothing saved for retirement. Mateo wants to receive 37,200 dollars each year for 5 years during retirement. The first of these payments will be received in 6 years. Mateo can earn a return of 8.19 percent per year. How much does Mateo need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first savings contribution in 1 year and all savings contributions are equal? Please show your...
Chen has nothing saved for college. He will need to pay 52,180 dollars per year to...
Chen has nothing saved for college. He will need to pay 52,180 dollars per year to the school for 5 years. The first of these payments will be made in 6 years. Chen can earn 5.18 percent per year. How much does Chen need to save each year for 5 years to have exactly enough to pay for his education if he makes his first savings contribution later today and all savings contributions are equal?
Bob has nothing in his retirement account. However, he plans to save 8,000 per years in...
Bob has nothing in his retirement account. However, he plans to save 8,000 per years in his retirement account for each of the next 17 years. His first contribution to his retirement account is expected in 1year, Bob expects to earn 6.3% per year in his retirement account. Bob plans to retire in 17 years immediately after making his last 8,000 contribution to his retirement account. In his retirement, Bob plans to withdraw 35,000 per year for as long as...
You would like to have enough money saved to receive $200,000 per year after retirement so...
You would like to have enough money saved to receive $200,000 per year after retirement so that you and your family can lead a good life for 30 years (from age 65 to 95). You will make your first withdraw of $200,000 at the end of year when you are 65. If you will be 35 years old when you graduate and plan on making savings contributions at the end of your first year out of school, how much would...
Lena plans to invest 5,100 dollars in 2 year(s) and 6,100 dollars in 1 year(s). She...
Lena plans to invest 5,100 dollars in 2 year(s) and 6,100 dollars in 1 year(s). She expects to earn 15.64 percent, compounded quarterly. How much money does Lena expect to have in 11 years? Carlton plans to save $630 every 6 months for 14 years. He plans to make his first savings contribution in 6 months and he expects to earn 9.22 percent per year. How much does he expect to have in 14 years? Davi currently has $29,000 saved...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT