Question

You expect to retire in 25 years. After you retire, you want to
be able to withdraw $4,500 from your account each month for 30
years.

If your account earns 9% interest compounded monthly, how much will
you need to deposit each month until retirement to achieve your
retirement goals? (Round to the nearest cent.)

Answer #1

You expect to retire in 20 years. After you retire, you want to
be able to withdraw $3,000 from your account each month for 15
years. If your account earns 8% interest compounded monthly, how
much will you need to deposit each month until retirement to
achieve your retirement goals? (Round to the nearest cent.)

You want to be able to withdraw $25,000 from your account each
year for 25 years after you retire.
You expect to retire in 20 years.
If your account earns 9% interest, how much will you need to
deposit each year until retirement to achieve your retirement
goals?

You want to be able to withdraw $50,000 from your account each
year for 25 years after you retire. If you expect to retire in 15
years and your account earns 6.4% interest while saving for
retirement and 5.6% interest while retired: Round your answers to
the nearest cent as needed.
a) How much will you need to have when you retire? $
b) How much will you need to deposit each month until retirement
to achieve your retirement goals?...

A. You plan to work for 40 years and then retire using a 25-year
annuity. You want to arrange a retirement income of $5000 per
month. You have access to an account that pays an APR of 8.4%
compounded monthly. This requires a nest egg of $626,174.58.
What monthly deposits are required to achieve the desired monthly
yield at retirement? (Round your answer to the nearest cent.)
B. Suppose you want to save in order to purchase a new boat...

QUESTION 9
Suppose you plan to retire at age 70, and you want to be able to
withdraw an amount of $83,000 per year on each birthday from age 70
to age 100 (a total of 31 withdrawals). If the account which
contains your savings earns 5.4% per year simple interest, how much
money needs to be in the account by the time you reach your 70th
birthday? (Answer to the nearest dollar.)
Hint: This can be solved as a...

Show work how to solve to get the answer.
1. I plan to retire in 25 years, and after I retire, I want to
be able withdraw $6000 per month for 35 years. My account earns a
nominal rate of 6 percent, compounded monthly. How much do I need
in my account when I retire? $1, 052,281.36
2. I plan to retire in 25 years, and when I retire, I
want to be able withdraw $6000 per month for 35 years....

1. You want to be able to withdraw $35,000 each year for 25
years. Your account earns 5% interest.
a) How much do you need in your account at the beginning?
b) How much total money will you pull out of the account?
c) How much of that money is interest?
2. You want to buy a $23,000 car. The company is offering a 2%
interest rate for 48 months (4 years). What will your monthly
payments be?
3. Suppose...

You want to have $150,000 in your retirement account when you
retire in 30 years. Your retirement account earns 7% interest. How
much do you need to deposit each month to meet your retirement
goal? Round your answer to the nearest cent if necessary and do not
include the dollar sign.

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?

You begin saving for retirement at age 25, and you plan to
retire at age 70. You want to deposit a certain amount each month
into an account that pays an APR of 3% 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.)

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