Question

Samantha currently has $250,000 in her retirement savings account and looks forward to retiring when the...

Samantha currently has $250,000 in her retirement savings account and looks forward to retiring when the account balance is at least twice that amount. If the interest rate earned is 9% compounded monthly, how long will she have to wait to retire?

Select one:

a. 7.8 years

b. 9.4 years

c. 15.2 years

d. 12.1 years

e. cannot be determined from given information

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
Adele currently has $22,803.16 in her savings account, which earns 13.5% per annum compounded monthly. She...
Adele currently has $22,803.16 in her savings account, which earns 13.5% per annum compounded monthly. She plans to deposit $500 at the end of every month till her savings amount to $250,000 for her to be able to buy an apartment. Her savings will take Answer months to grow to the target amount.
Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has...
Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $5,000,000 in her retirement savings account in order to live comfortably. Mary currently has no retirement savings, and her investments will earn 7% annually. How much must she deposit into her account at the end of each of the next 40 years to meet her retirement savings goal?
Nicole wants to have 2 million dollars in her account when she retires in 40 years....
Nicole wants to have 2 million dollars in her account when she retires in 40 years. Nicole's retirement account is currently earning 8.5% interest compounded monthly. How much does she need to deposit each month to reach her retirement goal?
Suppose you have determined that you want to have retirement savings of $5,000,000 when you retire...
Suppose you have determined that you want to have retirement savings of $5,000,000 when you retire at age 65, 42 years after you graduate, at age 23. Looking at the long history of the market, you are confident that you can earn at 10% per annum on a well-diversified equity portfolio. a) Calculate much would you have to save annually at the end of each year for the next 42 years to reach your $5,000,000 goal assuming a 10% annual...
Suppose you have determined that you want to have retirement savings of $5,000,000 when you retire...
Suppose you have determined that you want to have retirement savings of $5,000,000 when you retire at age 65, 42 years after you graduate, at age 23. Looking at the long history of the market, you are confident that you can earn at 10% per annum on a well-diversified equity portfolio. a) Calculate much would you have to save annually at the end of each year for the next 42 years to reach your $5,000,000 goal assuming a 10% annual...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT