Answered step by step
Verified Expert Solution
Question
1 Approved Answer
B #2 #3 Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on
B #2 #3 Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th. What will the rate on the retirement account need to be for him to have $3,000,000 in it when he retires on his 65th birthday? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434)) Derek can deposit $17,849.00 on each birthday beginning with his 30.00th and ending with his 66.00th. What will the rate on the retirement account need to be for him to have $3,620,286.00 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)) If Derek plans to deposit $11,483.00 into his retirement account on each birthday beginning with his 26th and the account earns 5.00%, how long will it take him to accumulate $3,977,639.00? Submit Answer format: Number: Round to: 2 decimal places. #4 Derek decides that he needs $196,066.00 per year in retirement to cover his living expenses. Therefore, he wants to withdraw $196066.0 on each birthday from his 66th to his 90.00th. How much will he need in his retirement account on his 65th birthday? Assume a interest rate of 4.00%. Submit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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