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Use the following information to answer Q11-Q13: Maggy is currently 25 years old. Maggy wishes to retire at the age of 60 and be able
Use the following information to answer Q11-Q13: Maggy is currently 25 years old. Maggy wishes to retire at the age of 60 and be able to receive $3,500 at the end of each month from the annuity she purchased from LongLife Insurance Company. She forecasts a 7% annual percentage return compounded monthly, before and after retirement. Maggy wishes the retirement proceeds to last until she is 85 years old. 11. The amount of money Maggy needs to have saved at the time of retirement, age 60, so that she can withdraw the desired $3,500 per month during her retirement years is closest to: Select one: a. $498,093 b. $590,092 c. $472,456 d. $495,204 e. $1,500,000 Question 12 Not yet answered Marked out of 1.00 Flag question Question text The end-of-month savings required is closest to: Select one: a. $45 b. $3,571 c. $275 d. $2,486 e. Cannot be determined based on given information Question 13 Not yet answered Marked out of 1.00 Flag question Question text Suppose, today, Maggy has already saved $25,000 in her retirement plan and she can deposit this amount with Long Life Insurance Company to earn the same investment return. Given this, the end-of-month savings required to achieve her desired retirement income is closest to: Select one: a. $176 b. $225 c. $115 d. $295 e. $124
Use the following information to answer Q11-Q13:
Maggy is currently 25 years old. Maggy wishes to retire at the age of 60 and be able to receive $3,500 at the end of each month from the annuity she purchased from LongLife Insurance Company. She forecasts a 7% annual percentage return compounded monthly, before and after retirement. Maggy wishes the retirement proceeds to last until she is 85 years old.
11. The amount of money Maggy needs to have saved at the time of retirement, age 60, so that she can withdraw the desired $3,500 per month during her retirement years is closest to:
Select one:
a. $498,093
b. $590,092
c. $472,456
d. $495,204
e. $1,500,000
Question 12
Not yet answered
Marked out of 1.00
Flag question
Question text
The end-of-month savings required is closest to:
Select one:
a. $45
b. $3,571
c. $275
d. $2,486
e. Cannot be determined based on given information
Question 13
Not yet answered
Marked out of 1.00
Flag question
Question text
Suppose, today, Maggy has already saved $25,000 in her retirement plan and she can deposit this amount with Long Life Insurance Company to earn the same investment return. Given this, the end-of-month savings required to achieve her desired retirement income is closest to:
Select one:
a. $176
b. $225
c. $115
d. $295
e. $124
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