Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday?

Logan starts an IRA (Individual Retirement Account) at the age of 30 to save for retirement. He deposits $⁢400 each month. Upon retirement at the age of 65, his retirement savings is $⁢943,445.01. Determine the amount of money Logan deposited over the length of the investment.  Round to the nearest thousand dollars.

20.

Una Day is planning to retire in 14 years, at which time she hopes to have accumulated enough money to receive an annuity of $17,000 a year for 19 years of retirement. During her pre-retirement period she expects to earn 8 percent annually, while during retirement she expects to earn 10 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $ 7,422 x

On his 21st birthday, Silver put P300,000 into a retirement fund account that pays 10% interest per year, compounded annually. Now on his 65th birthday he is planning to retire, how much money does he have on his retirement fund?

Una Day is planning to retire in 11 years, at which time she hopes to have accumulated enough money to receive an annuity of $21,000 a year for 16 years of retirement. During her pre-retirement period she expects to earn 12 percent annually, while during retirement she expects to earn 14 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $

Aji who is now 25 years old, wants to buy a retirement plan starting at the age of 55 year with an income of $3,000,000 per year, where the first payment is made on his 55th birthday. For that he will make annual payments at the beginning of the year starting now and ending on his birthday 54th year. Calculate the amount of the annual payment!Return rate 7%

Oscar is looking forward to retirement in a few years when he will have completed 20 years of pensionable service. Oscar's pension plan provides an annual pension benefit of 1.5% of average career earnings for each year of pensionable service. Using information from Oscar's pension statements, he estimates his career average annual earnings will be $50,000 when he retires with 20 years of service. Given these assumptions, calculate Oscar's annual pension benefit that he can expect to receive when he retires. $7,500 $10,000 $15,000 $20,000

The Ali plan to retire and start receiving their Social Security benefits at the same time, when Jimmy is 67 and Lucy is 62 years old. Their monthly Social Security retirement benefits at those ages in today's dollars are estimated to be $3,200 for Jimmy and $2,000 for Lucy. They think their expenses in retirement in today's dollars will be 70% of their total cash outflows now. Other than Social Security, they will rely on their retirement savings in order to meet their retirement expenses. They want to assume they will die in the same year, when Jimmy is 95 and Lucy is 90 years old.Determine what the payments will be in the distribution phase. These will be the withdrawals Jimmy and Lucy will need to take monthly from their accounts, in order to meet their retirement expenses. How much is that monthly amount?Note: this question is asking about the withdrawals they will need, not about the expenses they will be incurring monthly.

Andrea, a self-employed individual, wishes to accumulate a retirement fund of $400,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 5.5%/year compounded monthly, to reach her goal upon retirement 35 yr from now? (Round your answer to the nearest cent.)