Question

Suppose your pension plan is an annuity with a gauranteed return of 5% per year, compounded...

Suppose your pension plan is an annuity with a gauranteed return of 5% per year, compounded monthly. You can afford to put $500 per month into the fund, and you'll work 45 years before you retire. If your pension is paid out monthly based on a 25 year payout, how much will you receive each month of your retirement?

Math   Statistics-And-Probability   
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
Jennifer's pension plan is an annuity with a guaranteed return of 6% per year (compounded monthly)....
Jennifer's pension plan is an annuity with a guaranteed return of 6% per year (compounded monthly). She can afford to put $300 per month into the fund, and she will work for 45 years before retiring. If her pension is then paid out monthly based on a 30-year payout, how much will she receive per month? (Round your answer to the nearest cent.) $
Pensions Meg's pension plan is an annuity with a guaranteed return of 7% per year (compounded...
Pensions Meg's pension plan is an annuity with a guaranteed return of 7% per year (compounded quarterly). She would like to retire with a pension of $10,000 per quarter for 25 years. If she works 37 years before retiring, how much money must she and her employer deposit each quarter? (Round your answer to the nearest cent.) $
My pension plan is an annuity with a guaranteed return of 5% per year. (Assume compounding...
My pension plan is an annuity with a guaranteed return of 5% per year. (Assume compounding at same intervals as withdrawals or deposits) a) How much will I need in my account at retirement if I wish to be paid $12000 per quarter for 25 years? b) If I plan to work for 45 years before retiring, how much money would I need to deposit into my retirement account monthly to save the amount necessary for the payments in part...
My pension plan is an annuity with a guaranteed return of 5% per year. (Assume compounding...
My pension plan is an annuity with a guaranteed return of 5% per year. (Assume compounding at same intervals as withdrawals or deposits) a. How much will I need in my account at retirement if I wish to be paid $12000 per quarter for 25 years?
.  Jennifer’s pension plan is an annuity. Over her working life, she accumulates $ 499,000 in her...
.  Jennifer’s pension plan is an annuity. Over her working life, she accumulates $ 499,000 in her retirement account. The annual interest rate is 4%. The pension is then paid out quarterly based on a 25-year payout period. How much will Jennifer receive per quarter after she retires?
On your 30th birthday your employer SWFC Corporation, has invited you to join their pension scheme....
On your 30th birthday your employer SWFC Corporation, has invited you to join their pension scheme. You are paid $60,000 per year, and at the end of each year the company contributes an additional 10% of your salary to the scheme. How much money will be in your fund at age 60 (your projected retirement age), if the fund expects to earn an average rate of 11% p.a.? After retiring at age 60, you want to use your cash payout...
A. You plan to work for 40 years and then retire using a 25-year annuity. You...
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...
You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you...
You just celebrated your 40th birthday. You plan to retire when you turn 65. Today you have $105,736.62 accumulated in your retirement plan and plan to continue adding money each month to your retirement plan for exactly 25 years, starting one month from now. When you retire you will receive a $40,000 retirement bonus from your employer and will immediately deposit the money into your retirement plan. You will then use the accumulated funds to purchase an annuity that will...
A year from now, you plan to begin saving for your retirement by making a deposit...
A year from now, you plan to begin saving for your retirement by making a deposit into a new savings account that has an expected return of 7.5% compounded monthly. You plan to continue depositing the same amount each year until you retire in 30 years. You expect to make withdrawals in the amount of $200 from your savings account every week for 45 years after you retire. Assume you were asked to find the amount you will need to...
A year from now, you plan to begin saving for your retirement by depositing $20,000 into...
A year from now, you plan to begin saving for your retirement by depositing $20,000 into a new savings account that has an expected return of 5.75% compounded monthly. You plan to continue depositing the same amount each year until you retire in 35 years. You expect to make withdrawals from your savings account every month for 40 years after you retire. Assume you were asked to find the amount you will be able to withdraw each month from your...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT