Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 11, 2024

John inherit $50,000 and decides to deposit the entire amount into his retirement account. If he earn an 11% annual return on the investment, how

John inherit $50,000 and decides to deposit the entire amount into his retirement account. If he earn an 11% annual return on the investment, how much will he have in the account when he retire in 45 years?

$1,248,934

$49,331,928

$450,396

$ 5,476,512

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

Recommended Textbook for

Advanced Accounting And Auditing Theory And Practice

Authors: Prof. R.B. Patel

1st Edition

8188730882, 978-8188730889

More Books

Students also viewed these Accounting questions

Question

★★★★★

Moerdyk Corporation's bonds have a 15-year maturity, a 7.25% semiannual coupon, and a par value of $1,000. The going interest rate (rd) is 6.20%, based on semiannual compounding. What is the bond?

Answered: 1 week ago

Question

★★★★★

From the following details, prepare a statement of equivalent production and a statement of cost, and find the value of the following: Output transferred Closing work-in-progress, by the average cost...

Answered: 1 week ago

Question

★★★★★

Communicate the need for liquid assets and emergency funds and recommend strategies for accumulating the appropriate levels of funds.*

Answered: 1 week ago

Question

★★★★★

Zeidler Company bought a building and the land on which the building is located for a total cash price of $ 356,000. The company paid transfer costs of $ 4,000. Renovation costs on the building were...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

You have to hire one (1) dental hygienist for a practice. The first dental hygienist has 25 years of experience. Given her record, she is likely to satisfactorily service 16 patients per day. Her...

Answered: 1 week ago

Question

★★★★★

Baldwin Inc. sells a wide range of drums, bins, boxes and other containers that are used in the chemical industry. One of the companys products is a heavy duty corrosion-resistant metal drum, called...

Answered: 1 week ago

Question

★★★★★

Help Save & Exit Exercise 2.10 (Algo) Preparing a statement of owner's equity and a balance sheet. LO 2-5 Check my w At the beginning of September, Helen Rojas started Rojas Wealth Management...

Answered: 1 week ago

Question

★★★★★

A big - box retailer took photos of customers as they walked in . The retailer then used the photos for a TV commercial. In the IRAC process, where would the law on misappropriation be stated?

Answered: 1 week ago

Question

★★★★★

Corey is buying a used trailer for his snowmobiles. A local dealer offers 4.46% interest compounded monthly for six months on used equipment. If the trailer Cory likes costs $5500.00, using an...

Answered: 1 week ago

Question

★★★★★

In Section 1.3 we saw that the autonomous differential equation m- dv dt = mg - kv, where k is a positive constant and g is the acceleration due to gravity, is a model for the velocity v of a body of...

Answered: 1 week ago

Question

★★★★★

National government. This applies particularly to the legislative framework under which firms operate in such countries as Czech Republic, including company, employment and social legislation that...

Answered: 1 week ago

Question

★★★★★

2 The transfer of management knowledge from the German to the Czech operations may be problematic not only because of the power position of the German partner, but also the hunger for Western...

Answered: 1 week ago

Question

★★★★★

4 How can the development of a learning organization help in the success of the joint venture, and what form should this take?

Answered: 1 week ago

Previous Question Next Question