Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the end of each month into an account that earns 6% compounded monthly?
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- Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264A man plans to retire in 15 years. While working, he intends to deposit money each month into his retirement fund which earns 6.6 % interest per year, compounded monthly. He desires a million dollars in his retirement fund at the time he retires. Over the next 15 years, what amount should he deposit monthly into his retirement fund in order to accomplish his goal? Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The monthly deposit amount is Blank 1. Calculate the answer by read surrounding text. dollars.Sara wants to have $530,000 in her savings account when she retires. How much must she put in the account now, if the account pays a fixed interest rate of 9%, to ensure that she has $530,000 in 18 years time? OA. $112,357 OB. $202,243 OC. $119,492 O D. $157,300
- Giselle wants to withdraw $7500 at the beginning of every three months for 20 years starting on the day of her retirement. If she will retire in 24 years and interest is 3.95% compounded quarterly, how much must she deposit into an account at the beginning of every quarter for the next 24 years starting now? Show all inputs and any other necessary work below. This question requires two separate steps. Show all inputs for both steps and any other necessary work. P/Y = P/Y = C/Y = C/Y = N = N = IY = I/Y = PV = PV = PMT = PMT = FV = FV = Final Answer:Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month deducted automatically from her paycheck. She deposits it into an account that earns 4.5% interest compounded monthly. How much will she have in her account when she retires 42 years later? A. $ 14,922.70 B.$ 50,400.00 C. $132,213.00 D. $149,226.96Jane wants to retire with $2,000,000 in her retirement account exactly 35 years from today. If she thinks she can earn an interest rate of 10. percent compounded monthly, how much must she deposit each month to fund her retirement? $432.83 O $493,32 O $526.78 $582.32
- Gabriela wants to withdraw $5,000 from her account at the end of 5 years, and $7,000 at the end of 6 years, leaving a zero balance after the second withdrawal. If she earns 8% a year on her balance, how much should she deposit today to reach her goal on those dates?A couple plans to retire in 25 years. At that time, they would like to have enough money in an account so that they can receive a $3,600 every month end for 20 years. The account earns APR 5.8% and will continue to do so until there is a zero balance in the account. To achieve this goal, how much money does the couple need to have in this account by the time they retire? (calculate to cents.)Samantha wants to be able to withdraw $480 at the end of each month for two years while she travels, starting three years from now. If she invests $8,700 now to earn 7.52% compounded monthly until she begins to travel, what monthly compounded nominal rate of interest must she earn after she starts to travel? Do not include the dollar sign in your answers. Do not include the comma usually used to denote thousands. Do not include the percent sign in your answers. a.) What is the future value of the investment after the deferral period? b.) What is the nominal annual rate of interest compounded monthly? (Correct to 4 decimal places.) c.) What is the effective annual rate of interest? (Correct to 4 decimal places.)
- Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correctYou have just made your first $4,500 contribution to your individual retirement account. Assume you earn an annual return of 10.85 percent and make no additional contributions. a. What will your account be worth when you retire in 43 years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. b. What if you wait 10 years before contributing? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. a. Account value if you start now b. Account value if you wait 10 yearsAndrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5% / year compounded monthly, to reach her goal upon retirement 25 years from now? (Round your answer to the nearest cent.) $702.26 x
