Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financial constraints, he is unable to add to this investment. What interest rate must he earn to achieve his goal?
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- Becky Scholes has $150,000 to invest. She wants to be able to withdraw $12,500 every year forever without using up any of her principal. What interest rate would her investment have to earn in order for her to be able to so?Mr Trump is 40 years old and will retire at age 65. He will receive retirement benefits but the benefits are not going to be enough to make a comfortable retirement life for him. Trump has estimated that an additional $20,000 a year over his retirement benefits will allow him to have a satisfactory life. How much should Trump deposit today in an account paying 6 percent interest to meet his goal? Assume Trump will have 15 years of retirement. (Do not use excel for computation)Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financial constraints, he is unable to add to this investment. What interest rate must he earn to achieve his goal?
- Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What anual interested rate must they earnto reach their goal, assuming they dont save any additional funds?Your parents will retire in 29 years. They currently have $250,000 saved, and they think they will need $2,250,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?Roger is saving up money for a down payment on a house. He currently has $5351$5351, but knows he can get a loan at a lower interest rate if he can put down $6287$6287. If he invests the $5351$5351 in an account that earns 3.5%3.5% annually, compounded monthly, how long will it take Roger to accumulate the $6287$6287? Round your answer to two decimal places, if necessary.
- Your parents will retire in 18 years. They currently have $250,000 saved, and they think they will need $1,000,000 at retirement. What annual intrest rate must they earn to reach their goal, assuming they don't save any additional funds?Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?Joe wants to own a home in the future. He asks you describe an advantages and disadvantage of a FRM versus an ARM. He then asks you to describe the advantages and disadvantages of a 15-year loan versus a 30-year loan. He also wants to know how the portion of the home payment that comprises interest changes over the years assuming he takes out an FRM. Is there anything he can do to reduce the total amount he’ll pay for the home? What else would be added to his monthly mortgage payment? What are three benefits of home ownership? What are three benefits of renting?
- Your parents will retire in 19 years. They currentlyhave $350,000 saved, and they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds?After years of being a poor, debt-encumbered college student, you decide that you want to pay for your dream car in cash. Not having enough money now, you decide to specifically put money away each year in a “dream car” fund. The car you want to buy will cost $60,000 in eight years. You are going to put aside $6,000 each year (for eight years) to save for this. At what interest rate must you invest your money to achieve your goal of having enough to purchase the car after eight years?Bart is a college student who has never invested his funds. He has saved $540 and has decided to invest the funds in a money market fund with an expected annual return of 4.47%. Bart will need the money in one year. The MMF imposes fees that will cost Bart $11 at the time he withdraws the funds in one year. How much money will Bart have in one year as a result of this investment?