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

Question

1 Approved Answer

if I want to withdraw $45,00 at the beginning of each year for 30 years, and I am earning 8% on my investments how much

if I want to withdraw $45,00 at the beginning of each year for 30 years, and I am earning 8% on my investments how much do I need to have in my retirement account?

I believe the answer is $547,128.27

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

Students also viewed these Accounting questions

Question

★★★★★
You are the accountant for the largest manufacturer of sheet steel. The companys hottest product is the RX-6, which provides most of the firms revenue. Management is considering dropping the RX-5...

Answered: 1 week ago

Question

★★★★★
The accounting records of Carmen Appliances included the following balances at the end of the period: In the past, Carmens warranty expense has been 8% of sales. During the current period, the...

Answered: 1 week ago

Question

★★★★★
89. Let I1,..., In be independent random variables, each of which is equally likely to be either 0 or 1. A well-known nonparametric statistical test (called the signed rank test) is concerned with...

Answered: 1 week ago

Question

★★★★★
Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2010, for $530,000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.2 million. Any excess of...

Answered: 1 week ago

Question

★★★★★
Gabe and Gabriella are visiting from Brazil. They have fallen in love with Nova Scotia and want to purchase a cottage on the South Shore when they retire in 5 years time. They have $40,000 available...

Answered: 1 week ago

Question

★★★★★
2. How many common shares were issued as of the end of the most recent year? Answer is complete but not entirely correct. Number of common shares issued 488 3-a. Did the company have any treasury...

Answered: 1 week ago

Question

★★★★★
Imagine you consume two goods, K and L, and your utility function is U = K1/2 1/4. Your budget is M = 630; PK = $10; PL = $30. Now imagine PK increases to $25. What is the new optimal K?

Answered: 1 week ago

Question

★★★★★
I ran a regression of height of drinker and consumption of glasses of wine. I thought that the height (in metres) would be a predictor of wine consumption. Turns out I was right! The p value for...

Answered: 1 week ago

Question

★★★★★
A research proposal outline is designed to jumpstart the research process and allow time to receive feedback on your ideas before submitting the Research Proposal benchmark assignment in Topic 7. Use...

Answered: 1 week ago

Question

★★★★★
Has Globalization Been in the National Interest of the United States? In detail explanation, do a comparison between costs and benefits focusing on: the complexity of globalization US economic growth...

Answered: 1 week ago

Question

★★★★★
mple 10. Determine d dx S 0 t dt.

Answered: 1 week ago

Question

★★★★★
Choose Exercise ( 1 ONLY} COMPANY A COMPANY B SALES $80,000 SALES $80,000 TOTAL VARIABLE COSTS 20, 000 TOTAL VARIABLE COSTS 60,000 CONTRIBUTION MARGIN 60,000 CONTRIBUTION MARGIN 20,000 FIXED COSTS...

Answered: 1 week ago

Previous Question Next Question