Question

you are concerned about whether your savings and investments are adequate to meet your retirement needs....

you are concerned about whether your savings and investments are adequate to meet your retirement needs. last year you saved $1,500 and believe you can increase that at 5% per annum for the next 15 years. assuming you can achieve an 8% return on your investments, how much would you accumulate by the end of the 15th year?
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

at the end of 15 th year,the account balance will be $50,035.01

Calculations are done in excel

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
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 35 years old today and are considering your retirement needs. You expect to...
. You are 35 years old today and are considering your retirement needs. You expect to retire at age 65 and your actuarial tables suggest that you will live to be 100. You want to move to the Bahamas when you retire. You estimate that it will cost you $ 300,000 to make the move (on your 65th birthday) and that your living expenses will be $30,000 a year (starting at the end of year 66 and continuing through the...
2) You are trying to decide how much to save for retirement. Assume you plan to...
2) You are trying to decide how much to save for retirement. Assume you plan to save $7,500 per year with the first investment made one year from now. You think you can earn 9.0​% per year on your investments and you plan to retire in 39 ​years, immediately after making your last $7,500 investment. a. How much will you have in your retirement account on the day you​ retire? b.​ If, instead of investing $7,500 per​ year, you wanted...
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...
You are planning your retirement and you come to the conclusion that you need to have...
You are planning your retirement and you come to the conclusion that you need to have saved $1,250,000 in 30 years. You can invest into a retirement account that with earn you a 5% average annual return. Required: i.            If your investment can earn 5% annually, how much would you need to put into your account at the end of each year to reach your retirement goal? ii.            If your investment can earn 10% annually, how much would you need to put...
You are 23 years old and decide to start saving for your retirement. You plan to...
You are 23 years old and decide to start saving for your retirement. You plan to save $ 6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 69. Suppose you earn 12% per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 40 to...
You are 30 years old and decide to start saving for your retirement. You plan to...
You are 30 years old and decide to start saving for your retirement. You plan to save $ 5000 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 65 Suppose you earn 11 % per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until age 39...
1) You plan to live for 30 years after your retirement at age 65 and to...
1) You plan to live for 30 years after your retirement at age 65 and to have saved $1 million in your retirement account by then. How much can you afford (i.e., maximum) to withdraw per month, at the beginning of each month, assuming your savings generate a rate of return of 6% per year? 2) For Q1 above, what would be the answer if you also plan to leave $1.5 million for your kids when you die at the...
You are 2424 years old and decide to start saving for your retirement. You plan to...
You are 2424 years old and decide to start saving for your retirement. You plan to save $ 6 comma 500$6,500 at the end of each year​ (so the first deposit will be one year from​ now), and will make the last deposit when you retire at age 6767. Suppose you earn 11 %11% per year on your retirement savings. a. How much will you have saved for​ retirement? b. How much will you have saved if you wait until...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT