Question
1. Derek can deposit $11,543.00 on each birthday beginning with his 28.00th and ending with his 69.00th. What will the rate on the retirement account
1. Derek can deposit $11,543.00 on each birthday beginning with his 28.00th and ending with his 69.00th. What will the rate on the retirement account need to be for him to have $3,653,155.00 in it when he retires?
Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
2. If Derek plans to deposit $14,883.00 into his retirement account on each birthday beginning with his 26th and the account earns 12.00%, how long will it take him to accumulate $3,216,654.00?
Answer format: Number: Round to: 2 decimal places.
3. Derek decides that he needs $142,836.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $142836.0 on each birthday from his 66th to his 86.00th. How much will he need in his retirement account on his 65th birthday? Assume an interest rate of 5.00%.
Answer format: Currency: Round to: 2 decimal places.
4. Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will wants to have $2,744,341.00 in his retirement account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 8.00% interest rate.
Answer format: Currency: Round to: 2 decimal places.
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