Question

We are considering the effects of starting early or late to save
for retirement. Assume that each account considered has an APR of
6% compounded monthly.

Against expert advice, you begin your retirement program at age 40. You plan to retire at the age of 65. What monthly contributions do you need to make to save up a nest egg of $217,699.63? (Round your answer to the nearest cent.)

Against expert advice, you begin your retirement program at age 40. You plan to retire at the age of 65. What monthly contributions do you need to make to save up a nest egg of $217,699.63? (Round your answer to the nearest cent.)

Answer #2

Answer is as follows:

answered by: anonymous

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.)

You begin saving for retirement at age 25, and you plan to
retire at age 60. You want to deposit a certain amount each month
into an account that pays an APR of 6% 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.)
Nest egg size
Needed deposit
$100,000
$
$200,000
$
$300,000
$
$400,000...

Molly Lincoln, a 25-year-old personal loan officer at First
National Bank, understands the importance of starting early when it
comes to saving for retirement. She has committed $2,000 per year
for her retirement fund and assumes that she'll retire at age
65.
How much will Molly have accumulated when she turns 65 if she
invests in equities and earns 10 percent on average? Round
your answer to the nearest dollar.
$
Molly is urging her friend, Isaac Stein, to start...

Suppose you have an account that pays an APR of 4% compounded
monthly. You begin putting $1000 per month into the account at age
30.
(a) What size nest egg do you build at age 65? Round to the
whole dollar.
(b) If your life expectancy at retirement is 25 years, what will
your monthly income be? Round to the whole dollar.

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...

Suppose that you are 21 years old, and making retirement plans.
You are starting to contribute monthly to your retirement account
at the beginning of each month. You intend to do so until the age
of sixty five and then stop the contributions. You will retire at
age 67. You receive a 6.5% APR compounded monthly on your account.
If you wanted an annual perpetuity of $165000, how much per month
should you have originally computed?
Group of answer choices...

Suppose that you are 25 years old, and making retirement plans.
You are starting to contribute monthly to your retirement account
at the beginning of each month. You intend to do so until the age
of sixty seven and then stop the contributions. You will retire at
age 70. You receive a 7% APR compounded monthly on your account. If
you wanted an annual perpetuity of $200000, how much per month
should you have originally computed?
Group of answer choices...

Marisa Gale, a 25-year-old personal loan officer at Second
National Bank, understands the importance of starting early when it
comes to saving for retirement. She has designated $3,000 per year
for her retirement fund and assumes she'll retire at age 65.
How much will she have if she invests in CDs and similar money
market instruments that earn 6 percent on average? Round your
answer to the nearest dollar.
$
How much will she have if instead she invests in...

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?

Suppose that you are 30 years old, and making retirement plans.
You are starting to contribute $500 per month to your retirement
account at the beginning of each month. You intend to do so until
the age of sixty seven and then stop the contributions. You will
retire at age 70 and want to know how much you'll have saved. You
receive a 7% APR compounded monthly on your account.
a) How much will you have if you allow interest...

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