Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?
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- In this project, you will use a graphing calculator to compare savings plans. For instance, suppose you are depositing $1000 in a savings account and are given the following options: 4 • 6.2% annual interest rate, compounded annually 6.1% annual interest rate, compounded quarterly 6.0% annual interest rate, compounded continuously •Use the savings plan formula to answer the following question:. Suppose you find a fund that offers an APR of 5%. How much should you deposit monthly to accumulate $82000 in 17 years?Use the savings plan formula to answer the following question. You put $300 per month in an investment plan that pays an APR of 3.5%. How much money will you have after 19 years? Compare this amount to the total deposits made over the time period.
- Use the savings plan formula to answer the following question. You put $300 per month in an investment plan that pays an APR of 2.5%. How much money will you have after 17 years? Compare this amount to the total deposits made over the time period. After 17 years the investment plan will contain blank ? The total deposits made over the time period is?Use the savings plan formula to answer the following question. You put $400 per month in an investment plan that pays an APR of 6.5%. How much money will you have after 20 years? Compare this amount to the total deposits made over the time period. After 20 years the investment plan will contain $ (Do not round until the final answer. Then round to the nearest cent as needed.)Use the savings plan formula to answer the following question. You put $300 per month in an investment plan that pays an APR of 4.5%. How much money will you have after 28 years? Compare this amount to the total deposits made over the time period. After 28 years the investment plan will contain S (Do not round until the final answer. Then round to the nearest cent as needed.) The total deposits made over the time period is $ (Type a whole number.)
- (Use Calulator or Formula Approach) Suppose you begin saving for your retirement by depositing $2,000 per year in an IRA. If the interest rate is 7.5%, how much will you have in 40 years?It is estimated that you will pay about $80,000 into the Social Security system (FICA) over your 40-year work span. For simplicity, assume this is an annuity of $2,000 per year, starting with your 26th birthday and continuing through your 65th birthday. Solve, a. What is the future equivalent worth of your Social Security savings when you retire at age 65 if the government’s interest rate is 6% per year? b. What annual withdrawal can you make if you expect to live 20 years in retirement? Let i= 6% per year.Suppose you are 35 years old and would like to retire at age 65. Furthermore, you would like to have a retirement fund from which you can draw an income of $50,000 per year–forever!How much would you need to deposit each month to dothis? Assume a constant APR of 8% and that the compounding and payment periods are the same. To draw $50,000 per year, there must be $ in your savings account when you retire. You can reach your goal by making monthly deposits of $
- Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.Your retirement fund's balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal? please calculate manuallySuppose you want to save $1,000,000 for a retirement fund in 35 years. You anticipate making regular, end-of-month deposits in an annuity that pays 9% compounded monthly. How much should you deposit each month? Use this formula: How much of the $1,000,000 retirement fund comes from deposits and how much comes from interest?