At age43, you start saving for retirement. If your investment plan pays an APR of 5%and you want to have$0.9million when you retire in22 years, how much should you deposit monthly? You should invest$ __ each month.
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- Use the savings plan formula to answer the following question. At age 45, you start saving for retirement. If your investment plan pays an APR of 7% and you want to have $1.3 million when you retire in 20 years, how much should you deposit monthly?c) Retirement Investment: Savings at Retirement = Saving Periods = Interest Rate = Savings Deposit / month= monthly deposits / monthYou want to be able to withdraw $35,000 from your account each year for 20 years after you retire. If you expect to retire in 30 years and your account earns 7.9% interest while saving for retirement and 7.7% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?
- Calculate how much you will have to save each month between now and then to have $300,000 in your retirement account when you retire at 65, assuming a rate of return of 5% per year? (Show your final calculations for saving at retirement, saving periods, interest rate, and saving deposit/month)You are trying to decide how much to save for retirement. Assume you plan to save $4,500 per year with the first investment made one year from now. You think you can earn 6.0% per year on your investments and you plan to retire in 45 years, immediately after making your last $4,500 investment. a. How much will you have in your retirement account on the day you retire? b. If, instead of investing $4,500 per year, you wanted to make one lump-sum investment today for your retirement that will result in the same retirement saving, how much would that lump sum need to be? c. If you hope to live for 16 years in retirement, how much can you withdraw every year in retirement (starting one year after retirement) so that you will just exhaust your savings with the 16th withdrawal (assume your savings will continue to earn 6.0% in retirement)? d. If, instead, you decide to withdraw $191,000 per year in retirement (again with the first withdrawal one year after retiring), how many years will it…You currently have $4,395.00 in a retirement Savings account that earns an annual return of 8.02%. You want to retire in 46.0 years with 1,000,000. How much more do you need to Save at the end of every year to reach your retirement goal?
- Suppose you are 30 years old and would like to retire at age 60. Furthermore, you would like to have a retirement fund which you can draw an income of $1250,00 per year- forever! How much would you need to deposit each month to do this? Assume a constant APR of 6% and that compounding and payment periods are the same. To draw $125000 per year there must be $____ in your saving account when you retire.Suppose you are 30 years old and would like to retire at 60. Moreover, you would like to to have a retirement fund of $250,000. Assuming a constant APR of 6% compounded daily. What is the total amount of money (without interest) that you will have paid into the account at the time of retirement? ??? ??????? ??? ??? ?? ????? ??? ??? ????? ???? ?? ?????? ?? ??? ??? ????????? ??? ????? ???? ?? ???? ? ?????????? ???? ?? ???????? ???? ??? ??????? ???????? ? ???????? ??? ?? ??? ?????????? ?????? ?? ??? ???? ???? ??? ??????? ???? ????? ?? ????? ???? ??????? ???? ?? ??? ????? ?????? ?? ????? ???? ??? ???? ???? ???? ???? ??? ??????? ?? ??? ???? ?? ???? ????????????? ?? ??? ??? ??? ???????? ?? ???????? ?? ??????? ???? ????? ??????? ???????? ???? ? ?????? ?? ?? ?????? ??? ????? ???? ????? ??????? ???????? ???You are 25 years old and decide to start saving for your retirement. You plan to save $4,000 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 66. Suppose you earn 7% per year on your retirement savings. a. How much will you have saved for retirement? b. How much will you have saved if you wait until age 40 to start saving (again, with your first deposit at the end of the year)? a. How much will you have saved for retirement? The amount that you will have accumulated for retirement is $ (Round to the nearest dollar.) b. How much will you have saved if you wait until age 40 to start saving (again, with your first deposit at the end of the year)? The amount that you will have accumulated for retirement is $ (Round to the nearest dollar.)
- You are 20 years old and decide to start saving for your retirement. You plan to save $5,500 at the end of each year (so the first deposit will be one year from now), and will make the last deposit when you retire at age 66. Suppose you earn 7% per year on your retirement savings. a. How.much will you have saved for retirement? b. How much will you have saved if you wait until age 36 to start saving (again, with your first deposit at the end of the year)?You want to be able to withdraw $50,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 8% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?At age 35 you start saving for retirement. If your investment plan pays an APR of 6% and you want to have $2 million when you retire in 30 years, how much should you deposit monthly?