Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer fast please answer fast 2 mins leftttt Derek can deposit $11,000 on euch birthday beginning with his 26th and ending with his 65th.

please answer fast image text in transcribed
please answer fast 2 mins leftttt image text in transcribed
Derek can deposit $11,000 on euch 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 plans to retire on his 65th birthday. However, he plans to work part-time until he turns 74.00. 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 74.0 when he fully retires, he will begin to make annual withdrawals of $126,905 00 from his retirement account until he turns 93.00. 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 7.00% interest rate 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

Bitcoin Technical Innovations From The Trenches

Authors: Sjors Provoost

1st Edition

9090360425, 978-9090360423

More Books

Students also viewed these Finance questions