Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You have inherited $10,000 from your wonderful Aunt Bessie. You decide to spend 2,311 on a vacation. The rest you will invest in a Roth

image text in transcribed
You have inherited $10,000 from your wonderful Aunt Bessie. You decide to spend 2,311 on a vacation. The rest you will invest in a Roth IRA. You expect it to earn 16.0% over the next 40 years. How much will you have to use for retirement in 40 years? Post your answer as a positive whole number. For example 40,000 . Question 48 1 pts Your Grandfather left you $731,550 in his will. You have decided that you wanted to invest that money, and not touch it until it has grown to $1,000,000. If you believe you can eam 7.099 per year on your investment portfolio, how long will it take for your original investment of $731,550 to turn into $1,000,000 ? (Please respond in years, with two significant decimal points - e.g. 8.45 for 8.45 years)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Public Finance A Contemporary Application Of Theory To Policy

Authors: David N. Hyman

6th Edition

0030213088, 9780030213083

More Books

Students also viewed these Finance questions