I wish to have $2,000,000 when I retire in 30 years time. What is the monthly contribution I need to make assuming I can earn 8% p.a. compounding monthly and the first cash flow is in one month's time?
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I wish to have $2,000,000 when I retire in 30 years time. What is the monthly contribution I need to make assuming I can earn 8% p.a. compounding monthly and the first cash flow is in one month's time?
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Assume your goal in life is to retire with $2,500,000. How much would you need to save at the end of each year if interest rates average 8% and you have a 15−year work life? (Round the final answer to the nearest whole dollar.) A. $92,074 B. $13,333 C. $788,104 D. $333,333You want to receive $8,000 per month in retirement. If you can earn 0.6% return per month and you expect to need the income for 25 years, how much do you need to have in your account at retirement? $1,072,198 $1,189,223 $1,111,746 $567,757
- Assume your goal in life is to retire with $3,200,000.How much would you need to save at the end of each year if interest rates average 4%and you have a 30−year work life? (Round the final answer to the nearest whole dollar.) A. $213,333 B. $4,267 C. $986,620 D. $57,056YOU ARE SAVING FOR A NEW HOUSE AND YOU PUT $1,000 PER YEAR IN AN ACCOUNT PAYING 25% COMPOUNDED ANNUALLY. THE FIRST PAYMENT IS MADE TODAY. HOW MUCH WILL YOU HAVE AT THE END OF 3 YEARS? Select one: a. 4761.625 b. 4766.625 c. 3025 d. 4765.63An individual wants to retire in 25 years and requires $300,000 in savings at that time. The individual will deposit $500 into an account every month during the next 25 year period starting at the end of the next month. What annual rate of interest must be earned to achieve this goal? a. 4.90% b. 4.95% c. 5.00% d. 5.05% e. 5.10%
- You wish to save P2,500,000 for your retirement by saving a certain sum every month for the next 40 years. If you can earn 9% compounded monthly, and you make your deposits at the beginning of each month, how much would you have to deposit each month to achieve your objective? a. P616.59b. P534.04c. P565.67d. P530.06e. None of the aboveYou want to retire exactly 35 years from today with $1,990,000 in your retirement account. If you think you can earn an interest rate of 10.23 percent compounded monthly, how much must you deposit each month to fund your retirement? Multiple Choice O O $580.31 $4,738.10 $526.79 $489.69 $493.8713. After retirement, you expect to live for 25 years. You would like to have $75,000 income each year. How much should you have saved in your retirement account to receive this income, if the annual interest rate is 9 percent per year? (Assume that the payments start on the day of your retirement.) A. $736,693.47B. $802,995.88C. $2,043,750.21D. $1,427,831.93
- You have $10,000 in your 401(k) at work. You expect to retire in 35 years. How much will you have in your account if you average a 10 percent annual return and you contribute an additional $400 per month to the account? A. $1,845,042 B. $1,785,407 C. $1,892,556 D. $1,942,552 E. $1,799,632 in excel. .You will be earning $1,200 in salary every month, if you decide to put half of that in your savings account that pays you 6% in interest, how much will you have saved up after 11 years? Select one: a.$290,860.98 b.$111,793.58 O c.$231,793.58 d.$463,587.15Sara met with a financial planner and has determined that she will need $1,250,000 when she retires in 30 years. She has found an annuity that pays 5.65%, compounded monthly. What will she need to save each month, if a) Sara begins saving now? N: P/Y: I%: C/Y: PMT: FV: End or Begin $1,323.80 $9,473.56 $645.10 $1,000,000