Question

When Ricky is 32 years old, she begins investing $200/month (K=$2400) for 40 years at 5%...

When Ricky is 32 years old, she begins investing $200/month (K=$2400) for 40 years at 5% compounded continuously.

1. When she is 72, how much did her contributions grow? (hint: subtract $96000 from value at age 72)

Math   Calculus   
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
Nicole wants to have 2 million dollars in her account when she retires in 40 years....
Nicole wants to have 2 million dollars in her account when she retires in 40 years. Nicole's retirement account is currently earning 8.5% interest compounded monthly. How much does she need to deposit each month to reach her retirement goal?
Janessa is 29 years old and she is about to start her first full-time job. She...
Janessa is 29 years old and she is about to start her first full-time job. She is currently single and she is willing to take the appropriate risk she needs to prepare for retirement. Her starting annual salary is $63,000 and she has no retirement savings yet. Her employer will match 100% of her contributions up to the first 4% of her salary to the company's 401 (K) account. Question: 1. What amount should Janessa should be saving each year?...
Nikola is currently 47 years old and planning to retire at age 63. She has already...
Nikola is currently 47 years old and planning to retire at age 63. She has already saved $247,000.00 in her RRSP. If she continues to contribute $400.00 at the beginning of every month, how much money will be in her RRSP at retirement if it can earn 8% compounded monthly? No deposit is made the day she turns 63. At retirement, Nikola’s $247,000.00 will have grown to   and her $400.00 deposits will have grown to   , for a total of...
Terry immigrated to Canada when she was 45 years old; Terry is now age 65. If...
Terry immigrated to Canada when she was 45 years old; Terry is now age 65. If the maximum monthly Old Age Security (OAS) is $590 for someone age 65, how much would Terry be eligible to receive per month? $500 $395 $295 $590
You are 20 years old. You deposit $200 per month for 4 years into an account...
You are 20 years old. You deposit $200 per month for 4 years into an account paying 12 percent annual rate, compounded monthly. After that, you stop making any new deposits but leave the money in the account, earning the same rate. How much money will be in the account when you become 64 years old? A. $905,595 B. $1,452,785 C. $763,410 D. $1,354,505 E. $1,058,679 F. $1,213,776
Stefani​ German, a​ 40-year-old woman, plans to retire at age​ 65, and she wants to accumulate...
Stefani​ German, a​ 40-year-old woman, plans to retire at age​ 65, and she wants to accumulate ​$440,000 over the next 25 years to supplement the retirement programs that are being funded by the federal government and her employer. She expects to earn an average annual return of about 6% by investing in a​ low-risk portfolio containing about 20% ​short-term securities, 30% common​ stock, and 50% bonds. Stefani currently has ​$27,960 that at an annual rate of return of 6% will...
Gretchen is 30 years old and has just changed to a new job. She has $37,500...
Gretchen is 30 years old and has just changed to a new job. She has $37,500 in the retirement plan from her former employer. She can roll all of that money into the retirement plan of the new employer. She will also contribute $4,800 at the end of each year into her new employer's plan. If the rolled-over money and the new contributions both earn an annual return of 5.85%, compounded annually, how much should she expect to have when...
Your client is 32 years old. She wants to begin saving for retirement, with the first...
Your client is 32 years old. She wants to begin saving for retirement, with the first payment to come one year from now. She can save $5,000 per year, and you advise her to invest it in the stock market, which you expect to provide an average return of 9% in the future. If she follows your advice, how much money will she have at 65? Do not round intermediate calculations. Round your answer to the nearest cent. $   How...
Yumi's grandparents presented her with a gift of $17,000 when she was 10 years old to...
Yumi's grandparents presented her with a gift of $17,000 when she was 10 years old to be used for her college education. Over the next 7 years, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 2.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 years, starting at age 18. If the college fund is...
Yumi's grandparents presented her with a gift of $22,000 when she was 9 years old to...
Yumi's grandparents presented her with a gift of $22,000 when she was 9 years old to be used for her college education. Over the next 8 years, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded interest at the rate of 4.5%/year compounded monthly. Upon turning 17, Yumi now plans to withdraw her funds in equal annual installments over the next 4 years, starting at age 18. If the college fund is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT