Answered step by step
Verified Expert Solution
Question
1 Approved Answer
#2 Derek can deposit $15,880.00 on each birthday beginning with his 28.00th and ending with his 69.00th. What will the rate on the retirement account
#2 Derek can deposit $15,880.00 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 $3.523,283.00 in it when he retires? Submit 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)) unanswered not submitted Attempts Remaining: Infinity 13 If Derek plans to deposit $14,698.00 into his retirement account on each birthday beginning with his 26th and the account earns 7.00%, how long will it take him to accumulate $2,009,165.00? Submit Answer format: Number: Round to: 2 decimal places. unanswered not submitted Attempts Remaining: Infinity #5 Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. 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 72.0 when he fully retires, he will wants to have $3,130,076.00 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 6.00% interest rate. Submit Answer format: Currency: Round to: 2 decimal places. unanswered not_submitted Attempts Remaining: Infinity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started