Question

You want to deposit an equal amount of money every year at the end of each...

You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 6.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded interest. What should be your annual deposits during your working years?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You want to deposit an equal amount of money every year at the end of each...
You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 7.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded...
You want to deposit an equal amount of money every year at the end of each...
You want to deposit an equal amount of money every year at the end of each of the next 30 years into an account that pays 7.5% annually compounded interest, in order to be able to retire comfortably. During your retirement years, you want to have the ability to withdraw at the end of each of the 15 years, the amount of $32,000. During your retirement years, you will keep your money in an account that earns 3% annually compounded...
You want to be able to withdraw $25,000 from your account each year for 25 years...
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 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 are 37 years​ old, and decide to save $7,500 each year​ (with the first deposit...
You are 37 years​ old, and decide to save $7,500 each year​ (with the first deposit one year from​ now), in an account paying 7% interest per year. You will make your last deposit 28 years from now when you retire at age 65. During​ retirement, you plan to withdraw funds from the account at the end of each year​ (so your first withdrawal is at age​ 66). What constant amount will you be able to withdraw each year if...
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest...
1/ You deposit $3000 at the beginning of each year into an account earning 5% interest compounded annually. How much will you have in the account in 20 years? 2/Suppose you want to have $400,000 for retirement. Your account earns 7% interest compounded monthly. If you deposit $200 at the end of each month, how long will it take you to reach your goal? Round to the nearest year.
1. You want to be able to withdraw $35,000 each year for 25 years. Your account...
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 make equal deposits at the end of each month for 10 years into...
You want to make equal deposits at the end of each month for 10 years into an account with annual interest rate 8% compounded monthly, and then withdraw $200 at the end of each month for the following 15 years, ending with a zero balance. How much do your monthly deposits need to be?
How much must you deposit each year into your retirement account starting now and continuing through...
How much must you deposit each year into your retirement account starting now and continuing through year 10 if you want to be able to withdraw $90,000 per year forever, beginning 32 years from now? Assume the account earns interest at 12% per year. The amount to be deposited is determined to be $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT