omeone who is currently 47 wants to retire when they are 65 years old with the amount of 520,000. Assume it is at 6% interest compounded semiannualy. How much would the person need to invest to meet their goal of 520,000?
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Someone who is currently 47 wants to retire when they are 65 years old with the amount of 520,000.
Assume it is at 6% interest compounded semiannualy.
How much would the person need to invest to meet their goal of 520,000?
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Solved in 2 steps
- Suppose a man retires at age 65, and in addition to Social Security, he needs $2200 per month in income. Based on an expected lifetime of 204 more months, how much would he have to invest in a life income annuity earning 4% APR to pay that much per year? (Round your answer to two decimal places.)You plan to make your first $6,470 contribution to your individual retirement account in 2 years. Assuming you earn a 7.02 percent rate of return and make no additional contributions, what will your account be worth (in $) when you retire 50 years from now?1) Sabrina waits to start saving for retirement until age 35. If she saves the same $8000 each year beginning at age 35, and receives a “net” 7.00% annualized return, how much money would she accumulate by age 65?
- ou decide to replace your income of $70,000 a year in retirement for 30 years. How much do you need in your retirement account the day you retire to make that happen, assuming a real interest rate of 3%?You have just made your first $5,000 contribution to your individual retirement account. Assuming you earn an annual rate of return of 9.75 percent and make no additional contributions, what will your account be worth when you retire in 45 years?You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 11% compounded annually. Assuming you are now 25 and can spare $1,100 per year, how much will you have when you retire at age 65?
- You want to retire at age 65. You decide to make a deposit to yourself at the end of each year into an account paying 3%, compounded annually. Assuming you are now 25 and can spare $1,400 per year, how much will you have when you retire at age 65? (Round your answer to the nearest cent.)_____$If you want to retire at 65 years old and your 43 years old today. if you invest $600 every year with an 8% interest rate. how much will you have when you retire at 65?Use the information for the question(s) below. Assume that you are 30 years old today and that you are planning on retirement at age 65. Your current salary is $45,000 and you expect your salary to increase at a rate of 5% per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 31st birthday and will be 8% of this year's salary. Likewise, you expect to deposit 8% of your salary each year until you reach age 65. Assume that the rate of interest is 7%. The present value (at age 30) of your retirement savings is closest to: O A. $87,000. OB. $46,600. OC. $75,230. O D. $108,000.
- You decide to replace your income of $70,000 a year in retirement for 30 years. How much do you need in your retirement account the day you retire to make that happen, assuming a real interest rate of 3%?How much should chuck invest semiannually in his ira to have $250,000 in it when he retires in 25 years, if the interest stays 11% compounded semiannually?You have just made your first $5461 contribution to your retirement account. Assume you earn a return of 8.8 percent per year and make no additional contributions. What will your account be worth when you retire in 45 years?
