at a biotechnology company. Janine estimates that she will need $943,000 in her total retirement nest egg by the time she is 65 in order to have retirement income of $28,000 a year. (She expects that Social Security will pay her an additional $22,500 a year.) She currently has $2,000 in an IRA, an important part of her retirement nest egg. She believes her IRA will grow at an annual rate of 13 percent, and she plans to leave it untouched until she retires at age 65. How much money will Janine have to accumulate in her company’s 401(k) plan over the next 30 years

Cecilia is 28 years old today and wants to retire at age 65. She plans to put $5,000 into an account at the end of every year starting at the end of this year and continuing until her 65th birthday. When she reaches age 65, she plans to withdraw the money in equal amounts at the beginning of every year. She assumes she will live until age 90 and make her last withdrawal on her 90th birthday. How big will each withdrawal be if she earns 9% on her investments? $143,358.86. $130,112.13. $120,661.86. $119,368.93.

Maria and Roberto Cruz's financial adviser told them they will need 80 percent of their preretirement income to live comfortably. Their annual preretirement income is $75,000. What will their annual retirement income need to be?

For her 1st birthday Riley's parents invested $6,000.00 in an 14-year certificate for her that pays 11% compounded every 2 months. How much is the certificate worth on Riley's 15 birthday? Round value to the nearest cent. The certificate will be worth $

Manya and Sarah are both starting out in their careers. They choose two different paths to saving in their 401k accounts for their retirements. Manya is 23 years old and decides to start depositing $400 monthly in her 401k which will earn 9.5% APR. Manya will retire at the age of 70. a) How many years will Manya be saving money in her 401k? years b) How much will be in Manya's 401k when she retires? c) How much will Manya have deposited herself over her years of working from her salary? d) How much will Manya have earned in interest over her years of working? Sarah waits to begin depositing money into a 401k (for various reasons that seemed important at the time...) until she was 40 years old. She decides to deposit twice as much as Manya per month hoping to catch up. Assume that Sarah gets the same 9.5% APR and will retire at the same age of 70. e) How many years will Sarah be saving money in her 401k. years f) How much will Sarah be depositing in her account each month? g) How much…

Amy makes her first $15,000 payment into a conservative savings plan, earning 8% per year into her savings account when she is 28 years old. After the 10th payment, Amy makes no additional payments nor does she withdraw any money from the account. One of Amy's friends, Frank, starts a savings plan that is identical to Amy's when he is 38 years old (Frank's account also earns 8% per year). He continues making $15,000 annual payments until he is 60 years old. If both Amy and Frank retire when they are 60 years old, who will have more money in their savings plan at that time?

Peter is 65 years old and has just attended his retirement party. He has amassed $1.50 million in retirement savings. He and his spouse have figured out that during retirement, they need to withdraw $100,000 at the end of each year from their retirement savings to maintain the standard of living that they would like to have. If they can earn 5% interest on the unspent balance in their retirement account, how many years will it be before their retirement savings are exhausted? O O 3 30 28 32 24 26 44 % 5 MacBook Pro (0 √ 2⁰ 00 * 8

Today is Janet's 23rdbirthday.  Starting today, Janet plans to begin saving for her retirement.  Her plan is to contribute $3,000 to a brokerage account each year on her birthday.  Her first contribution will take place today.  Her 42ndand final contribution will take place on her 64th birthday.  Her aunt has decided to help Janet with her savings, which is why she gave Janet $10,000 today as a birthday present to help get her account started.  Assume that the account has an expected annual return of 14 percent.  How much will Janet expect to have in her account on her 65th birthday? Round your answer to a whole dollar; for example 2345.

Tina has saved $23000 from her summer jobs. Rather than work for a living, she plans to buy an annuity from a trust company and become a beachcomber in Fiji. An annuity will pay her a certain amount each month for the rest of her life and is calculated at 5 percent interest, compounded monthly, over Tina's 55 remaining years. Tina calculates that she needs at least $5 per day to live in Fiji, and she needs $1200 for airfare. How much would she have available to spend each day? $3.19 $4.79 $2.39 $6.38

A woman is planning for retirement in 30 years and decides she can deposit $6,000 each year on December 31 into a retirement savings plan that she expects will pay 6% interest.  In 20 years she also expects to receive a small inheritance of $12,000 that she can also put into her retirement fund. The woman anticipates that her retirement fund will need to last 20 years; she estimates that she will need $60,000 at the end of each year in retirement to cover her living expenses. Her plan is flawed.  How much extra does she need to save every year (rounded to dollars and cents) to achieve her goals? (Do not round interim calculations)