Question

You want to retire early so you know you must start saving money. Thus, you have...

You want to retire early so you know you must start saving money. Thus, you have decided to save $6,000 a year, starting now at age 25. You plan to retire as soon as you can accumulate $3,000,000. If you can earn an average of 10 percent on your savings, how old will you be when you retire? 66.25 years 69.15 years 67.77 years 65.13 years

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS CALCULATOR

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
Today is your 21st birthday and you just decided to start saving money so you can...
Today is your 21st birthday and you just decided to start saving money so you can retire early. Thus, you are going to save $500 a month starting one month from now. You plan to retire as soon as you can accumulate $1 million. If you can earn an average of 8%on your savings, how old will you be when you retire?
Please explain carefully step by step. So you can retire early, you have decided to start...
Please explain carefully step by step. So you can retire early, you have decided to start saving $500 a month starting one month from now. You plan to retire as soon as you can accumulate $1 million. If you can earn 5 percent (per year) on your savings, how many years will it be before you can retire?
You are 26 years old and decide to start saving for your retirement. You plan to...
You are 26 years old and decide to start saving for your retirement. You plan to save $6,000 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 6% per year on your retirement savings, how much will you have saved for retirement right at age 65? (Round to the nearest dollar.)
You are 25 years old and decide to start saving for your retirement. You plan to...
You are 25 years old and decide to start saving for your retirement. You plan to save $X 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 67. Suppose you earn 4% per year on your retirement savings. You want the present value of your total retirement savings to be $2Million. How do you need to save each year (the same amount...
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...
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 want to retire in 46 years with $10,000,000. You plan to start saving next year...
You want to retire in 46 years with $10,000,000. You plan to start saving next year and then growing each retirement contribution by 1% per year. You are confident that you can compound your savings at 9% per year. How much must your first payment be? (future value of growing annuity problem) - please show work
Starting at age 20, you start saving for retirement early and put $2,600 yearly into your...
Starting at age 20, you start saving for retirement early and put $2,600 yearly into your retirement savings account throughout your 20s. However, when you turn 30, you stop contributing since you have bought a home and started a family and have no additional money left over to save for retirement. If you receive an average annual return of 6 ​percent compounded annually, how much will you have in your retirement savings account by age 67​?
You plan to retire as soon as you turn 65. Upon retirement you want to receive...
You plan to retire as soon as you turn 65. Upon retirement you want to receive $70,000 per year at the start of each year (first payment on day you turn 65) for the next 20 years. You are 25 years old today. You want to start saving today. 1. How much do you have to save each year (annual periods) to ensure that you will have sufficient funds to receive $70,000 per year from the age of 65? Initially,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT