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%.
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- 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: AnswerHenry 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: AnswerStarling 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
- Andrew would like a retirement income of $3,000 per month (beginning of month payments) for 19 years once he retires. How much must he have in his retirement account on the day he retires if the account can earn 3.6% compounded monthly? Your Answer: AnswerLeonard wants to have $400,000 in his RRSP when he retires in 31 years. How much must he deposit at the end of each month into the RRSP in order to reach his goal? Assume that he can earn j12=4.8% on his money. Your Answer: AnswerSuppose a man retires at age 65, and in addition to Social Security, he needs $2200 per month in income. Based on an expected lifetime of 204 more months, how much would he have to invest in a life income annuity earning 4% APR to pay that much per year? (Round your answer to two decimal places.)
- ou decide to replace your income of $70,000 a year in retirement for 30 years. How much do you need in your retirement account the day you retire to make that happen, assuming a real interest rate of 3%?After retirement, you expect to live for 25 years. You would like to have a $95,000 income each year. The annual interest rate is 9 percent per year. Required: Calculate the amount of savings you have in your retirement account to receive this income. A) Assume that the payments start on the day of your retirement. B) Assume that the payments start one year after the retirement.Sam wishes to have $500,000 in his retirement account when he retires, in 30 years . If he can earn 6% compounded monthly . how much should he deposit to reach his goal.
- You and your wife are making plans for retirement. You plan on living 25 years after you retire and would like to have $90,000 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 12% 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. $C. Fred is planning on retiring this year. How much must his retirement account have in it this year in order to make a $40,000 payment each year for the next 30 years to meet his needs assuming that the appropriate interest rate is 8%?*You would like to have enough money saved to receive a $90,000 per year perpetuity after retirement. The annual interest rate is 8 percent. Required: How much would you need to have saved in your retirement fund to achieve this goal? a) Assume that the perpetuity payments start on the day of your retirement. b) Assume that the perpetuity payments start one year from the date of your retirement.
