Gabriel plans to retire when he has $1,500,000 in his bank account, and he does not want to work more than 30 years. If this account has a APR of 5.4%, determine the minimum monthly annuity payment he would need to make. Round your answer to the nearest dollar
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Gabriel plans to retire when he has $1,500,000 in his bank account, and he does not want to work more than 30 years. If this account has a APR of 5.4%, determine the minimum monthly
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- You plan to retire in 20 years. At the point of retirement, you want to be able to withdraw 25478 at the end of each year forever. Assume that you earn a 7.11% rate of return prior to retirement and an 4.54% rate of return after retirement. If you do not want to make any further contributions to your retirement fund, how much do you need today? Round answer to the nearest dollar.You and your wife are making plans for retirement. You plan on living 25 years after you retire and would like to have $75,000 annually on which to live. Your first withdrawal will be made one year after you retire and you anticipate that your retirement account will earn 15% annually. What amount do you need in your retirement account the day you retire? Do not round intermediate calculations. Round your answer to the nearest cent.$ Assume that your first withdrawal will be made the day you retire. Under this assumption, what amount do you now need in your retirement account the day you retire? Do not round intermediate calculations. Round your answer to the nearest cent.$Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,500 per month for twenty-five years. (a) How much money must he deposit if his money earns 7.3% interest compounded monthly? (Round your answer to the nearest cent.) (b) Find the total amount that Dean will receive from his payout annuity.
- You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.Henry would like to have a retirement income of $3,000 per month (month-end payments). How much must he have in his retirement fund on the day that he retires if he plans to live for 25 years? Assume that the account will earn j12=3.6%.Starling wants to retire with $2, 110,000 in his retirement account exactly 41 years from today. He will make annual deposits at the end of each year to fund his retirement account. If he can earn 9.73 percent per year, how much must he deposit each year? ** PLS EXPLAIN HOW TO SOLVE USING A FINANCIAL CALCULATOR
- Amy Johnson wants to retire on $75,000 per year for her life expectancy of 20 years after she retires. She estimates that she will be able to earn an interest rate of 10.1%, compounded annually, throughout her lifetime. To reach her retirement goal, Amy will make annual contributions to her account for the next 30 years. One year after making her last deposit, she will receive her first retirement check. How large must her yearly contribution be? (Solve with Presents Values with Annuities or Loans and Amortization)Leon would like to have a retirement income of $3,000 per month (beginning of month payments). How much must he have in his retirement fund on the day that he retires if he plans to live for 27 years? Assume that the account will earn j12=3.6%. Your Answer: AnswerJohn plans to set aside money for his young daughter's college tuition. He will deposit money in an ordinary annuity that earns 2.4% interest, compounded monthly. Deposits will be made at the end of each month. How much money does he need to deposit into the annuity each month for the annuity to have a total value of $71,000 after 14 years? Do not round intermediate computations, and round your final answer to the nearest cent.
- Henry would like to have a retirement income of $3,000O per month (month-end payments). How much must he have in his retirement fund on the day that he retires if he plans to live for 30 years? Assume that the account will earn j12=3.6%. Your Answer: AnswerHolly Krech is planning for her retirement, so she is setting up a payout annuity with her bank. She wishes to receive a payout of $1,900 per month for twenty years. (a) How much money must she deposit if her money earns 7.8% interest compounded monthly? (Round your answer to the nearest cent.)___________ $ (b) Find the total amount that Holly will receive from her payout annuity. Thank you!Marco is plans to retire in 18 years. He wants you to assume he will be retired for 15 years before he dies. You calculated that Marco needs $1,760,621 as a lump sum at the beginning of retirement. Use an investment return of 5 percent and an inflation assumption of 3.3 percent. How much money will he need to save monthly to have this amount when he begins retirement? (Round the final answer to 2 decimal places)