Leonard 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.

Aaron would like to have $2,000,000 when he retires 42 years from now. How much should he set aside each week if his investments can earn 9.1 % ?

John, a 25-year-old teacher, wants to start saving for his retirement. John wants a comfortableretirement, so he needs to have one million dollars in his saving account, which pays 2.4% annualinterest rate, when he reaches 67 years of age.a. How much should John deposit into his saving account monthly now? Round your answer to thenearest cent.b. If John wants the one million dollars in his saving account to last him 20 years into hisretirement, how much could he withdraw from the saving account monthly? You can assume thesaving account will pay the same 2.4% annual interest rate. Round your answer to the nearestcent.c. If John increases his monthly deposit in part (a) by $200, how much will be in his saving accountif he wants to retire at 60 years of age? Round your answer to the nearest cent.

David wants to retire in 40 years. If he puts away $300 per quarter, at the end of each quarter, into an account earning 5.5% compounded quarterly, how much will he have when he retires?

Jonathan is planning to retire on January 1, 2024. his goal is to have enough money in his savings account to be able to withdraw $2,000 per month beginning one month after retirement and continuing for 25 years after retirement. He earns an annual effective rate of interest of 10% on his account. Determine the minimum amount needed in his savings account on January 1, 2024, to accomplish his goal. Possible Answers $235,000 but $255,000

Joe Pierce has been offered the opportunity of investing $178,556.90 now. The investment will earn 8% per year and at the end of its life will return $500,000 to Joe. How many years must Joe wait to receive the $500,000?

Darnell Johnson wants to know if he can retire in 35 years at age 60, when he plans to do a lot of fishing. Assume the deposit into his retirement account averages $3800 at the end of each year and that the funds earn 6% per year. find amount of annuity and the interest earned.

Francis wants to start a foundation that will pay its beneficiaries $64,000 per year forever, with the first cash flow occurring one year from today. If the funds will be invested to earn 7% per year, how much must Frank donate today? Enter your answer as a positive number rounded to the nearest penny.

Marc has nothing saved for retirement. He wants to receive $46,000.00 per year for 5 years during retirement. The first of these payments will be received in 7 years. Marc can earn a return of 9.38 percent per year. How much does Marc need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution in 1 year and all savings contributions are equal? O $21,324.88 (plus or minus 10 dollars) O $25,513.05 (plus or minus 10 dollars) O $23,325.15 (plus or minus 10 dollars) O $20,819.31 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer

Shane is about to have his twenty-fifth birthday. He has set a goal of retiring at age 55 with $700,000 in an RRSP. For planning purposes he is assuming that his RRSP will earn 8% compounded annually. (Do not round intermediate calculations and round your final answer to 2 decimal places.) a. What contribution on each birthday from age 25 to 54 inclusive will be required to accumulate the desired amount in his RRSP? PMT b. If he waits five years before starting his RRSP, what contribution on each birthday from age 30 to 54 inclusive will be required to accumulate the target amount? PMT $