FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

14. At the age of 35 John began contributing $650 every month to a retirement fund. If his money earns interest at a rate pf

14. At the age of 35 John began contributing $650 every month to a retirement fund. If his money earns interest at a rate pf 7% compounded monthly, how long (in years) does he have to make these payments if he wants his retirement fund to be $45 000 in the end?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Gapenskis Fundamentals Of Healthcare Finance

Gapenskis Fundamentals Of Healthcare Finance

Authors: Paula H. Song, Kristin L. Reiter

3rd Edition

1567939759, 978-1567939750

More Books

Students also viewed these Finance questions

Question

★★★★★
Refer to the information in E10-14 and assume Seton Corporation uses the effective-interest method to amortize the bond discount. E10-14 On January 1, 2013, when the market interest rate was 9...

Answered: 1 week ago

Question

★★★★★
Which of the following are subspaces of R 3 ? Justify your answers! (a) The set of all vectors ( x, y, z ) T satisfying x + y + z + 1 = 0. (b) The set of vectors of the form ( t,t, 0 ) T for t R....

Answered: 1 week ago

Question

★★★★★
Where do you see the organization in 5/10 years?

Answered: 1 week ago

Question

★★★★★
Bond prices depend on the market rate of interest, stated rate of interest, and time. Requirements 1. Compute the price of the following 7% bonds of United Telecom. (a) $500,000 issued at 76.75. (b)...

Answered: 1 week ago

Question

★★★★★
Product X is selling for $40/unit. Its variable costs are $20/unit. Fixed costs associated with this product are $300,000/year. The company expects to sell 250,000 of Product X a year. What is the...

Answered: 1 week ago

Question

★★★★★
On January 1, 2018, the Coldstone Corporation adopted the dollar-value LIFO retail inventory method. Beginning inventory at cost and at retail were $120,000 and $275,100 respectively. Net purchases...

Answered: 1 week ago

Question

★★★★★
The following fact pattern applies to questions 1 and 2. Brigid entered into a contract with L. Marcus Marine ("LMM") to perform repairs and updates to her sailboat for $15,000. The work was to be...

Answered: 1 week ago

Question

★★★★★
An SLA manager compares the usage of a system against: Question 1Select one: a. A pay-per-use measurement repository b. An SLA monitor agent c. A quality-of-service measurement repository d. A...

Answered: 1 week ago

Question

★★★★★
an 1800 kg vehicle travelling at 60.0km/h smashes into a concrete barrier and stops in 0.420s what is the magnitude of the collision force on the vehicle

Answered: 1 week ago

Question

★★★★★
Flo's Deli is determining how to ensure that their current process of serving customers during lunch rush is adequate. Which of the following is an example of how the restaurant can monitor its...

Answered: 1 week ago

Question

★★★★★
Is it important to evaluate a creative idea before it becomes an innovation?

Answered: 1 week ago

Question

★★★★★
Team development stages state that most people coming to a new group are enthusiastic, but that with time they lose some of their morale. What types of things happen in most groups to cause this...

Answered: 1 week ago

Question

★★★★★
Select a work or sports team to which you belong/have belonged. Which team member (not the manager or coach) had the highest level of status? Identify the factors that contributed to that persons...

Answered: 1 week ago

Previous Question Next Question