Question
Old MathJax webview Using the given information in cells B1-B7, please use excel and answer the remaining open cells. Please use excel and please SHOW
Old MathJax webview
Using the given information in cells B1-B7, please use excel and answer the remaining open cells. Please use excel and please SHOW ALL FORMULAS. Below are the ones that I need to see used. The cell highlighted in yellow is the correct answer for "Problem 4" but I do not know how to get it. Thank you!
B10- FV function B11- PMT function B13- Use 5 B14- RATE function B15- EFFECT function B19- PV function B20- use B19 and PMT function
Margin of Error is to the cent if the amount is a dollar figure or to three decimal places as a percent.
A B 1 2 3 D E F G H 10,000 How much money do you currently have in savings? 750 How much money do you save each period? 30 How many years until your retirement? 15 How many years do you expect to be in retirement? 4 How many savings periods in a year (eg, do you save monthly, quarterly or yearly)? 8.00% What is your expected return on savings before retirement? (Enter is an EAR) 6.00% What is your expected return on savings during retirement? (Enter is an APR) 4 5 6 7 Problem 1 Problem 2 Problem 3 9 Problem 4 LO 7.77% Expected annual return on savings before retirement (convert to an APR) Amount you'll have in your account at retirement based on the savings amount in cell B2 $11,439.95 Amount you can spend each period during your retirement 11 12 13 Problem 5 14 How many years will you delay before starting to save for retirement? If you do delay starting to save, what would the interest rate need to be for you to hit the Convert that APR to an EAR. 15 16 17 18 How much do you want to be able to spend each period during your retirement? Problem 6 19 20 Amount you need in your account at retirement in order to spend this amount (cell B17) Amount you need to save each period before retirement to have enough to meet your goalStep by Step Solution
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