How much total will need to be added to his account each year to reach his goal?

Question:

Remy wants to use his 401 (k) to save $\$ 1,750,000$ when he retires in 30 years. He assumes the plan will yield $10.4 \%$ compounded annually. His company will match contributions up to $6 \%$ of annual salary. His salary is $\$ 78,000$.

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 29, 2024 10:00 AM

See More Questions

How much total will need to be added to her account each year to reach her goal? Ruslana wants to use her $401(\mathrm{k})$ to save $\$ 1,400,000$ when she retires in 36 years. She assumes the...
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
Divide the answer to Exercise 63 by 12 to find the monthly contribution Remy will make. Remy wants to use his 401 (k) to save $\$ 1,750,000$ when he retires in 30 years. He assumes the plan will...
Add a toString() method to Sketch that returns a string representation of the unit vector corresponding to the sketch.
In Exercise 11.66, you performed an analysis of variance to compare the mean levels of effluents in water at four different industrial plants (see data set EX1166). Five samples of liquid waste were...
A GT cell will machine the components for a family of parts. The parts come in several different sizes and the cell will be designed to quickly change over from one size to the next. This will be...
What is a suspense account? When is it opened and when it is closed?
Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in Problem 6-1B. Instructions 1. Prepare a single-step income statement in the format...
prepare a classified balance sheet for the valley pump corporation at decemeber 31, 2021
What is $6 \%$ of Remy's salary? Remy wants to use his 401 (k) to save $\$ 1,750,000$ when he retires in 30 years. He assumes the plan will yield $10.4 \%$ compounded annually. His company will...
Divide the answer to Exercise 55 by 12 to find the monthly contribution Ruslana will make. Ruslana wants to use her $401(\mathrm{k})$ to save $\$ 1,400,000$ when she retires in 36 years. She...
Pacific Crossburgers Inc. charges an initial franchise fee of $70,000. Upon the signing of the agreement (which covers 3 years), a payment of $28,000 is due. Thereafter, three annual payments of...
Lifestyle is how one enacts the self-concept. The way they would enact it is through buying luxury items which is the most premium iPhone. The latent reasons why people want an iPhone 15 all have to...
Make a Tows Matrix that assess the strengths, weakness, opportunities, and threats for Dannon based on the case study For typical corporate strategies under purpose of communication. Strengths 1) 2)...
Now that you've watched the lectures, The Abilene Paradox movie, and the Challenger Disaster Video, I'd like you to think for a moment about when you may have observed the Abilene Paradox or...
Ensuring that the projectadheres to the selected quality standard . Often, ensuring that the project work is done 'correctly' is as important as ensuring that the end result fulfills the project's...
Think about some career planning and development issues; for example, mergers and reorganization uncertainty, lack of upward mobility, getting managers to understand your career potential, and...
On January 1, Graham Company purchased land (the site of a new building) for $ 100,000. Soon thereafter, the state highway department announced that a new feeder road would run next to the site. The...
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) What is the stock dividend? (b) What is a stock split?...
If you purchase a $1000 par value bond for $1065 that has a 6 3/8% coupon rate and 15 years until maturity, what will be your annual return? 5.5% 5.9% 5.7% 6.1%
Famas Llamas has a weighted average cost of capital of 8.8 percent. The companys cost of equity is 12 percent, and its pretax cost of debt is 6.8 percent. The tax rate is 22 percent. What is the...
The common stock of a company paid 1.32 in dividens last year. Dividens are expected to gros at an 8 percent annual rate for an indefinite number of years. A) If the company's current market price is...

How much total will need to be added to his account each year to reach his goal?

Question:

Step by Step Answer:

Contemporary Mathematics

Students also viewed these Mathematics questions