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Donald is updating his estate plan for himself and his family. He would like to provide an income of $3000 every month starting 10.5 years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in 5 years, will have a cash value of $150,000. To make up the difference, Donald has decided to make monthly deposits in the account. How much should each deposit be if all interest is computed at 6 percent compounded monthly?
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- Michael is updating his estate plan for himself and his family. He would like to provide an income of $3000 every month starting 10.5 years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in 5 years, will have a cash value of $150,000. To make up the difference, Michael has decided to make monthly deposits in the account. How much should eachdeposit be if all interest is computed at 6% compounded monthly? Note: Cannot use Excel/Spreadsheet.Michael is updating his estate plan for himself and his family. He would like to provide an income of $3000 every month starting 10.5 years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in five years, will have a cash value of $150,000. To make up the difference , Michael has decided to make monthly deposits in the account. How much should each deposit be if all interest is computed at 6% compounded monthly ?Mr. Lau is updating his estate plan for himself and his family. He would like to provide an income of $3000 every month starting 10.5 years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in five years, will have a cash value of $150,000. To make up the difference, Mr. Lau has decided to make monthly deposits in the account. How much should each deposit be if all interest is computed at 6 percent compounded monthly? Functions: Ordinary Annuities: Sinking Funds and Ordinary annuities: Amortization Note: Cannot use Excel/Spreadsheet
- Mr. White is updating his estate plan for himself and his family. He would like to provide an income of $3000 every month starting 10 1/2 years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in 5 years, will have a cash value of $150,000. To make up the difference , Mr. White has decided to make monthly deposits in the account. How much should each deposit be if all interest is computed at 6% compounded monthly?Michael is updating his estate plan for himself and his family. He would like to provide an income of $ 3000 every month starting 10 1/2 (Ten and a half) years from now and continuing for the next 20 years. He has started his account with an initial deposit of $10,000 and he knows his life insurance, maturing in five years, will have a cash value of $150,000. To make up the difference ,Michael has decided to make monthly deposits in the account. How much should each deposit be if all interest is computed at 6 percent compounded monthly?Michael is updating his estate plan for himself and his family. He would like to provide an income of $ 3000 everymonth starting 10 12years from now and continuing for the next 20 years. He has started his account with an initialdeposit of $ 10,000 and he knows his life insurance, maturing in five years, will have a cash value of $ 150,000. Tomake up the difference , Michael has decided to make monthly deposits in the account. How much should eachdeposit be if all interest is computed at 6 percent compounded monthly ?
- Your best friend Sam is in discussion with you about saving for his retirement. You are to advise him on how much he should deposit annually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Sam has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,500 to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. Kindly advise Sam on how much he should place in the account annually to cover his retirement needs. (Answer rounded to 2 decimal dollar)Mark is in discussion with you about saving for his retirement. You are to advise him on how much he should deposit annually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Mark has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. How much should Mark place in the account annually to cover his retirement needs.Parker is doing some retirement planning. He would like to have a retirement income of $3,000 at the beginning of each month during his retirement. He expects his retirement to last for 20 years and that his fund will earn j12-3.6% during retirement. a) How much money must Parker have in his account on the day he retires in order to fund his retirement? b) How much must Parker deposit at the end of each month into his retirement fund from now until retirement in order to have enough to fund his retirement goal? Assume that he already has $30,000 in his account and that he will retire in 30 years
- Your best friend Samis in discussion with you about saving for his retirement.You areto advise him on how much he should deposit annually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Sam has a son who will be attendingcollege and plans to make 5 withdrawals(starting one year after making his final deposit into the retirement account)of$35,000eachto pay for his annual tuition forthe following 5 years. Commercial Banks will be paying 6 percent on such retirement accountsfor the next 25 years. KindlyadviseSam on how much he should place in the account annually to cover his retirement needs.Your best friend Sam is in discussion with you about saving for his retirement. You are to advisehim on how much he should deposit annually to meet his retirement needs. Assume that he willdeposit a fixed annual amount for the next 20 years into a retirement savings account, startingone year from now. Sam has a son who will be attending college and plans to make 5 withdrawals(starting one year after making his final deposit into the retirement account) of $35,000 each topay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percenton such retirement accounts for the next 25 years. Kindly advise Sam on how much he shouldplace in the account annually to cover his retirement needs.Linus would like to start saving for his retirement. Starting April 1, 1950, he will make annual deposits into an account, with the last deposit coming on April 1, 1990. Linus assumes he will get pay raises, and plans to increase his deposits by 3.1 percent each year. If he would like to be able to withdraw 44000 dollars per year forever, with the first withdrawal on April 1, 1993, how much will Linus's first deposit need to be? (Assume an interest rate of 4.1 percent effective throughout.)
