Question

You are planning to invest $ 9 comma 000 in an account earning 5​% per year...

You are planning to invest $ 9 comma 000 in an account earning 5​% per year for retirement. a. If you put the $ 9 comma 000 in an account at age​ 23, and withdraw it 43 years​ later, how much will you​ have? b. If you wait 10 years before making the​ deposit, so that it stays in the account for only 33 ​years, how much will you have at the​ end?

Homework Answers

Answer #1

a)

b)

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
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How...
6. You deposit $400 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 35 years? b) How much total money will you put into the account? c) How much total interest will you earn? 7. Suppose you want to have $500,000 for retirement in 25 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How...
1) You deposit $500 each month into an account earning 3% interest compounded monthly. a) How much will you have in the account in 25 years? b) How much total money will you put into the account? c) How much total interest will you earn? 2) Suppose you invest $190 a month for 6 years into an account earning 7% compounded monthly. After 6 years, you leave the money, without making additional deposits, in the account for another 21 years....
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly....
Suppose you invest $140 a month for 5 years into an account earning 6% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 26 years. How much will you have in the end?
You want to retire in 38 years and have $100,000 currently saved in an account earning...
You want to retire in 38 years and have $100,000 currently saved in an account earning 9.5% interest. How much must you deposit into that account each month to be able to retire for 25 years and withdraw $500,000 per year if you are able to earn 5% during retirement?
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest...
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? 2/Suppose you want to have $400,000 for retirement. Your account earns 7% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.
Assume that you are 30 years old today, and that you are planning on retirement at...
Assume that you are 30 years old today, and that you are planning on retirement at age 65. Your current salary is $40,000 and you expect your salary to increase at a rate of 4% per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 31st birthday and will be 9% of this year's salary. Likewise, you expect to deposit...
If you invest $50 per day in an account earning an annual interest rate of 3.5%,...
If you invest $50 per day in an account earning an annual interest rate of 3.5%, how much will you have after 20 years?
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much...
You deposit $300 each month into an account earning 5% interest compounded monthly. a) How much will you have in the account in 30 years? $ b) How much total money will you put into the account? $ c) How much total interest will you earn? $
You deposit $150 each month into an account earning 5% interest compounding monthly. a) How much...
You deposit $150 each month into an account earning 5% interest compounding monthly. a) How much will you have in the account in 35 years? b) How much total money will you put in the account? c) How much total interest will you earn?
Over your 40-year working career you are planning to be diligent in planning for retirement. You...
Over your 40-year working career you are planning to be diligent in planning for retirement. You estimate that you will start working at age 25, retire at 65, and need $100000/year to live on in retirement for 25 additional years (until age 90). a.Assuming tvom of 8%, what do you need to uniformly invest to meet this goal over 40years? b.what about if you wait 20years and start investing at age 45? How much will you now need to invest...