Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

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? unanswered Submit not_submitted Attempts Remaining: Infinity 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 $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? unanswered Submit not_submitted Attempts Remaining: Infinity 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 $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? unanswered Submit not_submitted Attempts Remaining: Infinity Answer format: Number: Round to: 2 decimal places. 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 a interest rate of 5.00%. unanswered not_submitted Submit Attempts Remaining: Infinity Answer format: Currency: Round to: 2 decimal places. #5 unanswered 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. not_submitted Attempts Remaining: Infinity Submit Answer format: Currency: Round to: 2 decimal places

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

Principles Of Financial Modelling Model Design And Best Practices Using Excel And VBA

Authors: Michael Rees

1st Edition

111890401X, 978-1118904015

More Books

Students also viewed these Finance questions

Question

What community placements are available for practica?

Answered: 1 week ago

Question

2. Should a disciplinary system be established at Carter Cleaning?

Answered: 1 week ago

Question

1. What would you do if you were Jennifer, and why?

Answered: 1 week ago

Question

1. Explain what is meant by ethical behavior.

Answered: 1 week ago