You feel that you will need $2.3 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $320 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice 37.25 years 42.21 years 49.91 years 34.59 years

You feel that you will need $2.3 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.3 percent compounded monthly and plan to save $320 per month until you reach your goal. How many years will it be until you reach your goal and retire? Multiple Choice 37.25 years 42.21 years 49.91 years 34.59 years

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

You're looking forward to retiring in a few years, and you hope that you will have enough in your retirement account to provide you with $1,700 per month for 20 years. Assuming a return of 4.15%, how much do you need in your account when you retire? Group of answer choices $406,589.00 $276,912.00 $391,742.68 $634,138.80
You want to retire exactly 35 years from today with $2,080,000 in your retirement account. If you think you can earn an interest rate of 10.59 percent compounded monthly, how much must you deposit each month to fund your retirement? Multiple Choice $4,952.38 $558.12 $465.90 $501.34 $470.01
Saved You have just made your first $4,000 contribution to your retirement account. Assume you earn a return of11 percent and make no additional contributions. a. What will your account be worth when you retire in 40 years? Future value for starting now b. What will your account be worth if you wait 7 years before contributing? Future value if waiting 7 years
You have just made your first $1,500 contribution to your retirement account. Assume you earn a return of9 percent and make no additional contributions. a. What will your account be worth when you retire in 45 years? Future value for starting now b. What will your account be worth if you wait 8 years before contributing? Future value if waiting 8 years
You would like to receive $6000 per month for 30 years after you retire in 40 years from now. The first monthly payment is to be received at the end of the 1st month after you retire. The retirement account is expected to provide 11% return. What is the amount you must deposit each year for 40 years to achieve your goal? Group of answer choices $28,921.22 $1,082.86 $3,956.71 $21,912.45 $2,233.41
You would like to retire in 50 years, as a millionaire. If you have $20 000 today what rate of return do you need to earn to achieve your goal? Select one: a. 8.00% b. Cannot be calculated c. 8.14% d. 8.41%
6. You have saved $1,000,000, and have thus decided to retire. You have moved all of your money into a safe account which you expect will earn you approximately 6% per year during your retirement years. Find how much money will you can receive (pay to yourself out of the account) each month if you plan to have this money last you each of the time intervals below. (6a) 15 years (6b) 20 years (6c) 30 years (6d) What is your annual income in each of those cases?
You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $33,000. You feel you can earn an APR of 10.8 percent compounded monthly and plan to save $395 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation? Multiple Choice O 5.96 years 6.96 years 5.47 years
You plan to make your first $6,470 contribution to your individual retirement account in 2 years. Assuming you earn a 7.02 percent rate of return and make no additional contributions, what will your account be worth (in $) when you retire 50 years from now?
You are wishing to retire in five years and believe you will need $35,000 per year in today's dollars to live comfortably. How much money you require in your first year of retirement if the cost of living is averaging an annual increase of 2.25 % ? O bo c$43, 118.72$39, 181.72$29, 118.72$39, 118.72$44,118.72
You expect to receive $3.500 upon your graduation and will invest your windfall at an interest rate of 51 percent per quarter until the account is worth $5,050. How many years do you have to wait until you reach your target account value? Multiple Choice 19.40 years 16 82 years 15.77 years 18:02 years 1815 years
How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $25 000 at the end of each year for 30 years? She expects to earn an average rate of return of 6%. $324 642.24 $331 288.67 $333 333.33 $344 120.78

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS