Question

9You want to retire exactly 40 years from today with $2,120,000 in your retirement account. If...

9You want to retire exactly 40 years from today with $2,120,000 in your retirement account. If you think you can earn an interest rate of 10.75 percent compounded monthly, how much must you deposit each month to fund your retirement?

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
You want to retire exactly 30 years from today with $2,070,000 in your retirement account. If...
You want to retire exactly 30 years from today with $2,070,000 in your retirement account. If you think you can earn an interest rate of 10.55 percent compounded monthly, how much must you deposit each month to fund your retirement? $813.78 $944.62 $5,750.00 $806.68 $868.03
Starling wants to retire with $2,010,000 in his retirement account exactly 31 years from today. He...
Starling wants to retire with $2,010,000 in his retirement account exactly 31 years from today. He will make annual deposits at the end of each year to fund his retirement account. If he can earn 9.33 percent per year, how much must he deposit each year?
You expect to retire in 20 years. After you retire, you want to be able to...
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 expect to retire in 25 years. After you retire, you want to be able to...
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.)
You want to have $150,000 in your retirement account when you retire in 30 years. Your...
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...
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 just turned 28 and are now seriously planning for your retirement. You wish to retire...
You just turned 28 and are now seriously planning for your retirement. You wish to retire two years earlier than the mandatory retirement age of 65. You hope to be able to make end-of-month withdrawals from your retirement account of P25,000 per month for a 30-year period after that. Your plan is to fund your retirement by making monthly deposits between now and when you retire. The initial monthly deposit will be made at the end of the coming month....
10. You invest $10,000 today into a retirement account. You expect to earn 12 percent, compounded...
10. You invest $10,000 today into a retirement account. You expect to earn 12 percent, compounded monthly, on your money for the next 25 years. After that, you expect to earn only 8 percent, compounded semi-annually. How much money will you have in your account when you retire 40 years from now?
You want to withdraw $8,500 per month in real terms for 25 years when you retire....
You want to withdraw $8,500 per month in real terms for 25 years when you retire. You plan to retire in 35 years, and expect to earn an 11 percent nominal effective annual return before you retire. You will make monthly deposits to fund your retirement account. Immediately after you make your last deposit, you plan to withdraw $35,000 in real terms to take an around the world trip. You also wish to leave your grandchildren $750,000 in real terms...
Michael plans to retire in 40 years. He is now trying to decide how much to...
Michael plans to retire in 40 years. He is now trying to decide how much to save for his retirement. He plans to deposit equal amount at the beginning of each month in a retirement account for 40 years, with his first saving made today. Assume the retirement account pays him an interest rate of 6.6% p.a., compounded monthly and Michael would like to have $2,000,000 in his retirement account 40 years later a)  How much will he have to deposit...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT