After retiring, Rachael wants to be able to withdraw $30,000.00 every year from her account for 29 years. Her account earns 7% interest compounded annually. How much does Rachael need in her account when she retires? Rachael needs to have in her account when she retires. am I solving for future value? sorry lost. not sure if l'm trying to find future or present

After retiring, Rachael wants to be able to withdraw $30,000.00 every year from her account for 29 years. Her account earns 7% interest compounded annually. How much does Rachael need in her account when she retires? Rachael needs to have in her account when she retires. am I solving for future value? sorry lost. not sure if l'm trying to find future or present

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 14MCQ

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Similar questions

After retiring, Sofía wants to be able to withdraw $8,500.00 every quarter from her account for 33 years. Her account earns 7% interest compounded quarterly.How much does Sofía need in her account when she retires? Sofía needs $________ in her account when she retires. How much total money will Sofía pull out of her account? In total$_______ Sofía will pull out from her account. How much of that money is interest? The amount of money that is interest is $________ .
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After retiring, Valeria wants to be able to withdraw $36,500.00 every year from her account for 27 years. Her account earns 6% interest compounded annually.How much does Valeria need in her account when she retires? Valeria needs$_________ to have in her account when she retires.
After retiring, Rosetta wants to be able to withdraw $4,000.00 every month from her account for 26 years. Her account earns 6% interest compounded monthly.How much does Rosetta need in her account when she retires?Rosetta needs$________ her account when she retires.
After retiring, Jeanette wants to be able to withdraw $9,500.00 every quarter from her account for 34 years. Her account earns 6% interest compounded quarterly.How much does Jeanette need in her account when she retires? Jeanette needs $_____ in her account when she retires.
Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correct
Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month deducted automatically from her paycheck. She deposits it into an account that earns 4.5% interest compounded monthly. How much will she have in her account when she retires 42 years later? A. $ 14,922.70 B.$ 50,400.00 C. $132,213.00 D. $149,226.96
At age 27, Laura deposited $1000 into an IRA, it earns 7 7/8% compounded monthly. A. What will it be worth when she retires at 65? B. How much would it be worth if she didn't set it up until she was 35?
Sharon has worked for a company with a retirement program, and today is retiring from her job with the amount of $157000 in her retirement account. She decides to withdrawal an equal amount from this account, once a year, beginning immediately, and ending 25 years from today (for a total of 26 payments). If the interest rate is 6.75%, solve for the annuity amount such that she uses up her full accumulation. $ Place your answer in dollars and cents. Do not use a dollar sign or comma as part of your answer. For example, an answer of fifty four point three eight would be placed as 54.38.
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