You have $1,000,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuity
- You have $500,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?you have $500000 saved for retirement. Your account earns 3.8% interest. How much will you be able to pull out annually, if you want to be able to take withdrawals for 25 years?You want to be able to withdraw $45, 000 from your account each year for 25 years after you retire. You expect to retire in 15 years. If your account earns 9% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
- You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? Round your answer to the nearest cent as needed.You have $400,000 saved for retirement. Your account earns 3% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years? Round your answer to the nearest dollar.$
