Newman Quincy wants to withdraw $32,700 each year for 14 years from a fund that earns 10% interest. How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?
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Newman Quincy wants to withdraw $32,700 each year for 14 years from a fund that earns 10% interest.
How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately?
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- David Quincy wants to withdraw $30,800 each year for 10 years from a fund that earns 10% interest. Click here to view factor tables. How much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) First withdrawal at year-end First withdrawal immediatelyQ1) Suppose Rachel Townsley deposits $10,000 into an account that pays 8 percent interest compounded annually.(a) If she withdraws 10 equal annual amounts from the account, with the first withdrawal oocuring 1 year after the deposits, how much can she withdraw each year in order to deplate the fund with the last withdrawal? (b) If first drawal is delayed for 2 years, how much can she withdraw each of the 10 years?Troy Long wishes to deposit a single sum of money in a savings account so that five equal annual withdrawals of $2,000 can be made before depleting the fund. If the first withdrawal is to occur 1 year after the deposit and the fund pays interest at a rate of 5% compounded annually, how much should he deposit? suppose the first withdrawal does not occur until 3 years after the deposit. How much should be deposited?
- 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 CALCULATORRoger decides to start an investment account by depositing $5,000 today. In one year he will invest $500. He plans to make annual investments that increase by $100 each year ($600 in year two, $700 in year three, etc.). If he earns 9% on his investment, what will his account be worth 6 years from today, assuming he compounds annuallySam has decided to go into business at the age 40. He wishes toaccumulate P200,000.00 at that age. On his twenty-fifth birthday he deposits a certain amount and will increase the deposit by 10% each year until the fortieth year. If the funds can be invested at 9.6% compounded annually, how much should his initial investment be? WARNING - ANSWER SHOULD BE ACCURATE AND NO EXCEL. OTHERWISE I WILL DOWNVOTE
- John wants to have the financial ability to withdraw $80,000 per year forever beginning 30 years from now. If his retirement account earns 8% per year interest and dividends, what is the required balance in (a) year 29, and (b) year 0?Charlie wants to withdraw $12,000 each year forever from his account. At an interest rate of 6% per annum, the amount he should deposit in his account should be:?Mr. Jones is planning a 20-year retirement; he wants to withdraw $6000 at the end of the first year, and then to increase the withdrawals by $800 each year to offset inflation. How much money should he have in his savings account at the start of his retirement, if the bank pays 9% per year, compounded annually, on his savings?
- Your client has been given a trust fund valued at $1.19 million. He cannot access the money until he turns 65 years old, which is in 30 years. At that time, he can withdraw $20,500 per month. If the trust fund is invested at a 4.0 percent rate, how many months will it last your client once he starts to withdraw the money? Note: Assume annual compounding. Do not round Intermediate calculations and round your final answer to 2 decimal places. Number of monthsSuppose you are 40 years old and plan to retire in exactly 20 years. 21 years from nowyou will need to withdraw RM5,000 per year from a retirement fund to supplement yoursocial security payments. You expect to live to the age of 85. How much money shouldyou place in the retirement fund each year for the next 20 years to reach yourretirement goal if you can earn 12% interest per year from the fund?An engineer planning for her retirement will deposit 15% of her salary each year into a stock fund. If her salary this year is $88000(end of year 1) and she expects her salary to increase by 12% each year, what will be the future worth of the fund after 16 years if it earns 10% per year?
