How much does Aidan need to invest annually in his mutual fund to reach a goal of

Question:

How much does Aidan need to invest annually in his mutual fund to reach a goal of $\$ 1,000,000$ in 40 years. He expects the fund to have a $10.8 \%$ interest rate compounded annually.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Mathematics

ISBN: 9781711470559

1st Edition

Authors: OpenStax

See More Books

Question Posted: May 30, 2024 09:04 AM

See More Questions

Your mother just received a $250,000 inheritance. If she invests her money in a diversified equity portfolio returning 8 percent per year, approximately how long will it take her to become a...
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
1. Sheldon Cooper and Amy Farrah live in Pasadena, California; have as a new investment goal to create a college fund for their newborn daughter. They estimate that they will need $200,000 in 18...
Runnals National Bank has experienced the following trends over the past five years (all figures in millions of dollars): Input Area: 1 2 3 4 5 Net Income (after tax) 2.65 2.75 3.25 3.65 4.00 Total...
Let n data points (x1, y1) , . . . , (xn, Yn) be given. Generalize Exercise 57 to show that if at least k + 1 of x1, . . . , xn are distinct, then the given points have a unique least squares...
A rectangular concrete channel (n = 0.020) changes from a mild slope to a steep slope. The channel in 20 m wide throughout, and the rate of flow is 180 m3/s. if the slope of the mild portion of the...
Explain how inventory affects product improvement, quality, prices, and the ability to respond quickly to the marketplace. LO,1
My firm has a wage contract with the union. Therefore, we do not need to compute a labor price variance; it will always be zero. Comment.
Angelena files as a head of household. In 2018, she reported $54,300 of taxable income, including a $16,000 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar...
Maureen invests $\$ 5,000$ in a bond with a maturity date in 5 years at a fixed coupon rate of $4.75 \%$. What is Maureen's return on investment?
Aidan decides to invest $\$ 3,200$ annually in a mutual fund. He expects the fund to have a $10.8 \%$ interest rate compounded annually. How much will Aidan's mutual fund account have after 15...
In the first-order decomposition of substance A the following concentrations are found at the indicated times: t = 0 s, [A] = 0.88 M; 50 s, 0.62 M; 100 s 0.44 M; 150 s, 0.31 M. Calculate the...
D manufacturing Company uses a process cost system. In the second department, Department X, spoiled units occur when units are 70% complete. Direct Materials are added at the end of the process....
This week, I read Pat Friman's 2021 article, "There Is no Such Thing As a Bad Boy: The Circumstances View of Problem Behavior," on adopting The Circumstances View when working with clients. In this...
Download the labour force statistic for Australia from the ABS website here. Use the data to answer the following questions only. You do not have to analyze the data. Show proof when you make...
Split Corporation manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products based on relative sales values of the products at the split-off point....
A television show conducted an experiment to study what happens when buttered toast is dropped on the floor. When 44 buttered slices of toast were dropped, 28 of them landed with the buttered side up...
The use of statistical sampling techniques in an audit of financial statements does not eliminate judgmental decisions. a. Identify and explain four areas in which judgment may be exercised by CPAs...
F.(3e* -2x 3 sin(2x)) is equal to 2 3 Cos 8. IT 3, t (4+@ 2 3, 1+o 1 4 Cos 4 4 1 3. 1 +4cos V7 (1+o 4 1 4 Cos 4 1+0 4-
Read the following and then answer the questions below:September 12: A Brisbane business offers by letter to sell 500 tyres to a New Zealand company. The Brisbane company does not specify a method of...
Fred returns home from work one day to discover his house surrounded by police. His wife is being held hostage and threatened by her captor. Fred pleads with the police to rescue her and offers...
Would like you to revisit one of these. Consideration must be clear and measurable.if you can't measure it then how can you show it has / has not been done?How can you sue someone for breach of...

How much does Aidan need to invest annually in his mutual fund to reach a goal of

Question:

Step by Step Answer:

Contemporary Mathematics

Students also viewed these Mathematics questions