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pls answer both questions will give u thumps up Derek can deposit $11,000 on each birthday beginning with his 26 th and ending with his
pls answer both questions will give u thumps up
Derek can deposit $11,000 on each birthday beginning with his 26 th and ending with his 65 th. What wit the rate on the rotirement account need to be for him to have $3,000,000 in it when he retires on his 65 th birthidoy? Answer format: Porcentage Round to: 4 decimal places (Example: 9.2434%,9 sign mquirid. Wiil accept decimal format rounded to 6 decimal places (0x:0.092434)) Derek plans to retire on his 65 th birthday. However, he plans to work part-time until he turns 71.00. During these yearn of part-time work, he will neither make deposits to nor take withdrawais from his retirement account. Exactly one year atter the day he turns 71.0 when he fully retires, he will begin to make annual withdrawals of $182,286.00 from his retirement account until he turns 88,00. After this final withdrawal, he wants $1.89 million remaining in his account. He he will make contributions to his retirement account from his 26 th birthday to his 65 th birthday. To reach his goal, what must the contributions be? Assume a 10.00% interest rate. Answer format: Currency: Round to: 2 decimal places Step by Step Solution
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