Your parents will retire in 19 years. They currently have $200,000 saved, and they think they will need $1,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
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- Finding the required interest rate: Your parents will retire in 19 years. They currently have $350,000 saved; they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds?Finding the required interest rate Your parents will retire in 29 years. They currently have $400,000, and they think they will need $1,100,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.Your parents will retire in 29 years. They currently have $250,000 saved, and they think they will need $2,250,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?
- Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1 million at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?Your parents will retire in 18 years. They currently have $250,000 saved, and they think they will need $1,000,000 at retirement. What annual intrest rate must they earn to reach their goal, assuming they don't save any additional funds?1.Your parents will retire in 21 years. They currently have $210,000 saved, and they think they will need $2,100,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places. 2. If you deposit money today in an account that pays 14% annual interest, how long will it take to double your money? Round your answer to two decimal places. 3.An investment will pay $50 at the end of each of the next 3 years, $200 at the end of Year 4, $300 at the end of Year 5, and $550 at the end of Year 6. If other investments of equal risk earn 12% annually, what is its present value? Its future value? Do not round intermediate calculations. Round your answers to the nearest cent.
- Your retirement fund's balance is $50,000 right now. You want to retire in 30 years with $1,000,000. You add $6000 annually, but what interest rate do you need to earn in order to reach your goal? please calculate manuallyYour parents will retire in 19 years. They currentlyhave $350,000 saved, and they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don’t save any additional funds?You believe you will need to have saved $480,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $115,000 in 5 years. a) If the interest rate is 6% per year, what is the future value of your inheritance at retirement? b) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?
- You believe you will need to have saved $593,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $113,000 in 5 years. 1) If the interest rate is 7% per year, what is the future value of your inheritance at retirement? 2) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?A couple will retire in 50 years; they plan to spend about $32,000 a year (in current dollars) in retirement, which should last about 25 years. They believe that they can earn a real interest rate of 9% on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $62,000 on their child's college education? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What anual interested rate must they earnto reach their goal, assuming they dont save any additional funds?