Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Stuck on Part a, please help! Questions Problem 10-07 Algo (What-If Analysis) Question 4 of 8 2. Check My Work 3. 4. 5. 6. eBook
Stuck on Part a, please help!
Questions Problem 10-07 Algo (What-If Analysis) Question 4 of 8 2. Check My Work 3. 4. 5. 6. eBook Lindsay is 26 years old and has a new job in web development. She wants to make sure that she is financially sound by the age of 55, so she plans to invest the same amount into a retirement account at the end of every year for the next 29 years. (a) Construct a data table in Excel that will show Lindsay the balance of her retirement account for various levels of annual investment and return. If Lindsay invests $10,000 at return of 6%, what would be the balance at the end of the 29th year? Note that because Lindsay invests at the end of the year, there is no interest earned on the contribution for the year in which she contributes. Round your answer to a whole dollar amount. 7. 8. 1 (b) Develop a two-way table for annual investment amounts of $5,000 to $20,000 in increments of $1,000 and for returns of 0% to 12% in increments of 1%. From the 2-way table, what are the minimum annual investments Lindsay's must contribute for annual rates ranging from 5% to 11%, if she wants to accrue a final payout of at least $1 million? Note that because Lindsay invests at the end of the year, there is no interest earned on the contribution for the year in which she contributes. Annual Minimum Annual Return Investment 6% S 14000 7% 5 12000 8% 5 10000 9% S 9000 10% 7000 $ $ 11% 6000
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