Question
1) You plan to withdraw $560 a month for the next 30 years from an account that yields 0.4% every month. How much do you
1) You plan to withdraw $560 a month for the next 30 years from an account that yields 0.4% every month. How much do you need to have in that account so that you can start withdrawing next month and so that at the end of the 30 years you will completely exhaust the funds?
2) You plan on depositing $155 every month for the next 21 years in an account that pays a 0.8% interest every month. How much money will you have after the planned 21 years? Assume the account starts with a balance of $0.
3) You want to retire in 246 months and you are planning on saving $275 every month until then. If you can earn a rate of return of 0.2% every month, how much will you have just before you retire?
4) You want to retire in 270 months with $1,294,000 in savings. If you can earn a return on 0.9% every month, what monthly payment will achieve your goal?
5) You are planning your retirement and so far you saved $1,325,000. How much could you withdraw for the next 174 months if the funds are invested in an asset that yields an interest rate of 0.8% every month?
6) You are planning your retirement and so far you saved $1,325,000. How much could you withdraw for the next 174 months if the funds are invested in an asset that yields an interest rate of 0.8% every month?
7) Jill is saving $490 every month in an investment yielding 0.8% every month. She is planning on retiring 414 months from now. At that point she will invest in safer assets yielding 0.4% every month and she is planning on withdrawing money for 228 months. How much will she be able to withdraw every month?
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