You save $1500 a year into a 401(k) account that you invest in a mutual fund earning 7% per year. You plan to retire in 25 years. How much money will you have in your account at retirement? Your Answer:
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- Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?3. You are looking to retire in 35 years and your company has a 401K plan that has a 5.2% annual return. You deposit $400 a month from your paycheck into the account. Calculate the amount of your retirement when you retire.your realized income is $2,943.20/month. how much are your fixed expenses each month? how much could you save per month if you take off 25% of your discretionary monies and put it in a savings account?
- Frank purchased his house 16 years ago by taking out a 25-year mortgage for $150,000. The mortgage has a fixed interest rate of 5 percent compounded monthly. If he wants to pay off his mortgage today, how much money does he need? He made his most recent mortgage payment earlier today.Q) Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?Give typing answer with explanation and conclusion Michael can afford car payments of $275 a month for 72 months. The bank will lend him this money at 11.40 percent APR. How much can Michael borrow?
- Tom Evers an attorney is planning for retirement. He earns $126,000 a year and estimates that he will need 80% of his salary for retirement in 10 years. Tom invests him money in Citizen's Bank at 6% compounded quarterly. How much money would Tom have to put in the bank today to have enough for retirement?You decide to purchase a house and need a $160, 000 mortgage. You take out a loan from the bank that has an annual interest rate of 6%. What is the monthly payment to the bank to pay off the loan in 20 years? ( i need final answer only no need of all calculation)When investing or saving money for retirement, which type of interest would benefit the most from? Fixed Variable Simple Compound
- You have $10,000 to invest. Your bank offers the following 10 year CD's. Account 1 offers 6.85% simple interest. Account 2 offers 6.57% compounded annually. a. How much money will you have at the end of 10 years if Account 1 is chosen? s b. How much money will you have at the end of 10 years if Account 2 is chosen?S Account is the better choice.Many years ago, Julle deposited $14,490 into a savings account. Today, the balance of the account is $62,625. How long ago did she make the initial deposit if the annual interest rate on the account is 5 percent?You take out a loan of $12,000 to pay for a piece of equipment. You plan to repay the loan in 16 years. You can afford to pay a maximum of $1,100 each year. What interest rate would allow for you to pay off the entirely of the loan in equal payments?