Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 05, 2024

Suppose you want to have $300,000 for retirement in 30 years. Your account earns 9% interest. a) How much would you need to deposit in

Suppose you want to have $300,000 for retirement in 30 years. Your account earns 9% interest.

a) How much would you need to deposit in the account each month?

$

b) How much interest will you earn?

Step by Step Solution

★★★★★

3.43 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the monthly deposit needed and the total interest earned for saving 300000 for retireme... 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

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

Financial Accounting: A Business Process Approach

Authors: Jane L. Reimers

3rd edition

978-013611539, 136115276, 013611539X, 978-0136115274

More Books

Students also viewed these Finance questions

Question

★★★★★

You deposit $2000 in an account earning 6% interest compounded continuously. How much will you have in the account in 15 years? Round your answer to the nearest cent. 2. Suppose you want to have...

Answered: 1 week ago

Question

★★★★★

For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...

Answered: 1 week ago

Question

★★★★★

5. How much would you need to deposit in an account now in order to have $5,000 in the account in 5 years? Assume the account earns 2% interest compounded monthly. 10. You deposit $300 each month...

Answered: 1 week ago

Question

★★★★★

Legally established titles to the ownership, use, and disposal of factors of production and goods and services that are enforceable in the courts are called : Group of answer choices Market power...

Answered: 1 week ago

Question

★★★★★

Summarize how financial goals follow from one's values.

Answered: 1 week ago

Question

★★★★★

The gear A on the drive shaft of the outboard motor has a radius r A = 0.7 in. and the meshed pinion gear B on the propeller shaft has a radius r = 1.4 in. Determine the magnitudes of the velocity...

Answered: 1 week ago

Question

★★★★★

5. How is Mr. Bonner encouraging Marcuss self-efficacy?

Answered: 1 week ago

Question

★★★★★

Macgregor Company completed its first year of operations on December 31, 2014. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts...

Answered: 1 week ago

Question

★★★★★

Gutierrez Company reported net income of $190,100 for 2020. Gutierrez also reported depreciation expense of $46,700 and a loss of $4,600 on the disposal of plant assets. The comparative balance sheet...

Answered: 1 week ago

Question

★★★★★

Tool Depot is a U.S. home improvement retailer with two stores. Theycurrently have two suppliers for the three products that they sell: wrenches, drills, and saws. Suppliers ship product directly to...

Answered: 1 week ago

Question

★★★★★

A 12-year bond of a firm in severe financial distress has a coupon rate of 12% and sells for $920. The firm is currently renegotiating the debt, and it appears that the lenders will allow the firm to...

Answered: 1 week ago

Question

★★★★★

1. Ralph Abernathy owns a small coffee shop. He wants to know the average number of customers queuing (lining up) in his coffee shop, to decide whether he needs to add more space to accommodate more...

Answered: 1 week ago

Question

★★★★★

provide a brief outline of how diversity policy needs to apply to your place of work/type of business

Answered: 1 week ago

Question

★★★★★

United States dollar strengthen and weakening: Present current valuation (U.S. Dollar versus the two countries' currency) and effect on corporate profits for China vs Indonesia

Answered: 1 week ago

Question

★★★★★

. What is meant by the term cash flow? For the table below determine the yearly cash flows and the total cash flow. If a discounting rate of 8% is used what is the Net Present Value? Year 0 1 2 3 4 5...

Answered: 1 week ago

Question

★★★★★

Give two additional competencies that will be required for future project management efforts

Answered: 1 week ago

Question

★★★★★

The Blinkelman Corporation has just announced that it plans to introduce a new solar panel that will greatly reduce the cost of solar energy. As a result, analysts now expect the companys earnings,...

Answered: 1 week ago

Question

★★★★★

Element compound homogeneous mixture (heterogeneous mixture) 4) A piece of gold has a mass of 49.75 g. What should the volume be if it is pure gold? Gold has a density of 19.3 g/cm (3 points) D=m/v...

Answered: 1 week ago

Question

★★★★★

Indicate which of the following events would result in recognizing revenue for the year in which the described event takes place; indicate the amount and the account. Give the journal entry that...

Answered: 1 week ago

Question

★★★★★

Delta Corporations corporate charter authorizes the company to sell 450,000,000 shares of $1.50 par common stock . As of December 31, 2011, the company had issued 180,915,000 shares of common stock...

Answered: 1 week ago

Question

★★★★★

Calculate the cost of goods sold and the cost of the ending inventory using the weighted average cost flow assumption. Assume periodic record keeping. Sales ...............150 units at $5 per unit...

Answered: 1 week ago

Question

★★★★★

In year 1 (the current year), OCC Corp. made a charitable donation of $200,000 to the Phil and Amy Mickelson Foundation (a qualifying charity). For the year, OCC reported taxable income of $1,500,000...

Answered: 1 week ago

Question

★★★★★

Assume that on January 1, year 1, XYZ Corp. issued 1,000 nonqualified stock options with an estimated value of $4 per option. Each option entitles the owner to purchase one share of XYZ stock for $14...

Answered: 1 week ago

Question

★★★★★

Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current year tax liability of $240,000. What minimum estimated tax payments...

Answered: 1 week ago

Previous Question Next Question