2. Manuel is preparing for an income fund for his retirement. He wants to receive ₱ 15 500 at the beginning of each month for the next 25 years. The income fund pays 10.5% per year compounded monthly. How much must Manuel deposit now to pay for the annuity?
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2. Manuel is preparing for an income fund for his retirement. He wants to receive ₱ 15 500 at the beginning of each month for the next 25 years. The income fund pays 10.5% per year compounded monthly. How much must Manuel deposit now to pay for the
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- Manuel is preparing for an income fund for his retirement. He wants to receive P 15 500 at the beginning of each month for the next 25 years. The income fund pays 10.5% per year compounded monthly. How much must Manuel deposit now to pay for the annuity?Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average eaning of 6 percent over the 40 years until her retirement, what will be the value of her retirement account?Aylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos quarterly for the next 25 years starting 1 month from now. The income fund pays 10.5% compounded monthly. How much Aylene deposit now to pay for the annuity? (Show solution)
- Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?9. Daniel Plans to fund his individual retirement account, beginning at the end of each year with 20 annual deposits of P2,000, which will continue for the next 20 years. If he can earn an annual compound interest rate of 8 percent on his deposits, what will be the amount in the account upon retirement?Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,500 per month for twenty-five years. (a) How much money must he deposit if his money earns 7.3% interest compounded monthly? (Round your answer to the nearest cent.) (b) Find the total amount that Dean will receive from his payout annuity.
- Justin is saving for his retirement 21 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $104.00 at the end of every six months for the next 11 years. Interest is 7% compounded semi-annually. (a) How much money will be in his account on the date of his retirement? (b) How much will Justin contribute? (c) How much will be interest?Willie deposits a fixed monthly amount into an annuity account for his child’s college fund. He wishes to accumulate a future value of $125,000 in 15 years. Assuming an APR of 3.5% how much money should Willie deposit monthly in order to reach his goal. How much of the $125,000 will Willie ultimately deposit in the account, and how much is interest earned?Gustav desires to deposit with a Trust Company a sum just sufficient to provide his family with an annuity of $600 per month for twenty-four years. How much he deposit if the Trust Company agrees to accumulate interest at the rate of 6% payable monthly? show solution
- Joe wants to have $50,000 ten years from now to use for a down payment on a house. How much should he deposit each month into an ordinary annuity that pays an annual rate of 4.5% in order to achieve his goal?Sam wishes to have $500,000 in his retirement account when he retires, in 30 years . If he can earn 6% compounded monthly . how much should he deposit to reach his goal.Chris has decided to create a retirement fund. He will deposit $250 at the end of each month for the next 20 years. The fund will earn 6.00% compounded monthly. How much will Chris have in his retirement fund at the end of the 20 years?
