4. You want to have a retirement fund of $200,000 available when you retire. You invest in an IRA to achieve this goal. The IRA has an annual return of 8%. How much do you need to invest each month to meet your retirement goals if you will retire in 25 years?
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- Suppose you are 30 years old and would like to retire at age 60. Furthermore, you would like to have a retirement fund which you can draw an income of $1250,00 per year- forever! How much would you need to deposit each month to do this? Assume a constant APR of 6% and that compounding and payment periods are the same. To draw $125000 per year there must be $____ in your saving account when you retire.You want to be able to withdraw $35,000 from your account each year for 20 years after you retire. If you expect to retire in 30 years and your account earns 7.9% interest while saving for retirement and 7.7% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?You want to be able to withdraw $30,000 from your account each year for 25 years after you retire.You expect to retire in 20 years.If your account earns 5% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
- You want to be able to withdraw $50,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?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 wish to retire forty years from today. You determine that you need $50,000 per year once you retire, with the first retirement funds withdrawn one year from the day you retire. You estimate that you will earn 6% per year on your retirement funds and that you will need funds up to 25 years after retirement. Use the PV of an ordinary annuity due formula. a) Calculate the amount you must deposit in an account today so that you have enough funds for retirement b) Calculate the amount you must deposit each year, starting one year from today, so that you have enough funds for retirement.
- You would like to have enough money saved to receive a $90,000 per year perpetuity after retirement. The annual interest rate is 8 percent. Required: How much would you need to have saved in your retirement fund to achieve this goal? a) Assume that the perpetuity payments start on the day of your retirement. b) Assume that the perpetuity payments start one year from the date of your retirement.c) Retirement Investment: Savings at Retirement = Saving Periods = Interest Rate = Savings Deposit / month= monthly deposits / monthSuppose you wish to retire 30 years from today .You have determined that you would need $75,000 annually once you retire, which you will withdraw at the end of each year. You estimate that you will earn 6% on your retirement funds, compounded annually, and that you will live for 20 years after retirement. how much funds would you need on retirement to fullfill your goals above.?
- You plan to retire in 20 years. At the point of retirement, you want to be able to withdraw 25478 at the end of each year forever. Assume that you earn a 7.11% rate of return prior to retirement and an 4.54% rate of return after retirement. If you do not want to make any further contributions to your retirement fund, how much do you need today? Round answer to the nearest dollar.Suppose you are 30 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 $100,000 per year-forever! How much would you need to deposit each month to do this? Assume a constant APR of 5% and that the compounding and payment periods are the same. To draw $100,000 per year, there must be $in your savings account when you retire. (Do not round until the final answer. Then round to the nearest integer as needed.) You can reach your goal by making monthly deposits of $ (Do not round until the final answer. Then round to two decimal places as needed.)Please provide working to the solution for the question below: Suppose you are 40 years old and plan to retire in exactly 20 years. 21 years from now you will need to withdraw RM5,000 per year from a retirement fund to supplement your social security payments. You expect to live to the age of 85. How much money should you place in the retirement fund each year for the next 20 years to reach your retirement goal if you can earn 12% interest per year from the fund?