Answered: How much will you be able to pull out…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

You want to be able to withdraw $25,000 each year for 30 years. Your account earns 8% interest.a) How much do you need in your account at the beginning?$b) How much total money will you pull out of the account?$c) How much of that money is interest?
How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 7% interest. Please step by step answer.
if you deposit $17,000 in the bank today, you will be able to withdraw $24,000 from the account in six years. what is the implied rate that the back is paying?
You want to be able to withdraw $50,000 each year for 20 years. Your account earns 5% interest.
You decide to quit using your credit card and want to pay off the balance of $9,500 in 4 years. Your interest rate is 14.75% compounded monthly. What will your monthly payments be? How much interest do you pay?
You deposit $300 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 30 years? b) How much total money will you put into the account? c) How much total interest will you earn?
You want to be able to withdraw $30,000 each year for 15 years. Your account earns 6% interest. How much do you need in your account at the beginning?
You decide to save $9300 by making annual deposits for 5 years into an account that pays 7% compounded annually. Once the payments stop, you plan to leave the money in the account for an additional 2 years. What size deposits do you need to make?
Suppose you want to have $600, 000 for retirement in 15 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $
One year from today you will make the first of 20 equal annual deposits in a bank account. One year after the last deposit you will retire and make the first of 15 annual withdrawals of $10,000. If you can earn 12% annually, what should be the amount of your deposits? the answer is 945.27 please show how to get it
Jill wants to make a few deposits so that she can withdraw $5000 per year at the end of each year for the next 15 years. A deposit of X is made a year from now, a second deposit of 2X is made at the end of year 4, and a deposit of (X/2) is made at the end of year (5+4). What is the amount of X if the goal is to empty the account? Use 6% interest.
If you deposit $50,000 in an account that pays 4% annual interest, how long will it take to double your money?

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How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?