Question

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 $700,000 for retirement in 30 years. Your account earns 6% interest. How much would you need to deposit in the account each month?

Answer #1

If you have any confusion regarding the answer please ask and rate ?

You want to be able to withdraw $40,000 each year for 25 years.
Your account earns 8% 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?

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?...

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 $30,000 each year for 20 years. Your
account earns 7% interest.
How much do you need in your account at the beginning?
How much total money will you pull out of the account?
How much money of that is interest?

you want to be able to withdraw $50,000 each year for 15 years.
Your account earns 6% interest. a) How much do you need in your
account at the beginning? How much total money will you pull out of
the account? $ c) How much of that money is interest?

You want to be able to withdraw $25,000 each year for 20 years.
Your account earns 6% 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?
$

You want to be able to withdraw $40,000 each year for 30 years.
Your account earns 7% 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?
$

You want to be able to withdraw $25,000 each year for 15 years.
Your account earns 9% 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?

You want to be able to withdraw $50,000 each year for 15 years.
Your account earns 4% 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?.

You want to be able to withdraw $40,000 each year for 15 years.
Your account earns 6% 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? $

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