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Today is Derek's 25 th birthday. Derek has been advised that he needs to have $3,935,366.00 in his retirement account the day he tums 65
Today is Derek's 25 th birthday. Derek has been advised that he needs to have $3,935,366.00 in his retirement account the day he tums 65 . He estimates his retirement account will pay 5.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 30.00 th birthday and ending on his 65 th birthday How much must those deposits be? Answer format: Currency: Round to 2 decimal places, Derek can deposit $11.000 on each birthday beginning with his 26 th and ending with his 65 th. 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 65 th birthday? Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%,% sign required. Wil accept decimal format rounded to 6 decimal places (ex 0.092434))
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