Question
Your 4 siblings Maya, Kadeisha, Samuel and Tesho are all 22 years old. Each of them plans on retiring in 45 years. They have already
Your 4 siblings Maya, Kadeisha, Samuel and Tesho are all 22 years old. Each of them plans on retiring in 45 years. They have already determined the amount of money they need at retirement. These amounts are shown in the table below:
| Maya | Kadeisha | Samuel | Tesho |
Amount Needed | $3,500,000 | $3,500,000 | $3,500,000 | $3,500,000 |
Maya has decided to start saving for retirement immediately. She will make an annual contribution into her retirement account. The contribution will be made at the end of each year. She expects to earn 6.5% compounded annually prior to retirement. What is amount of her annual contribution?
Samuel has decided to start saving for retirement immediately. He will make an annual contribution into his retirement account. The contribution will be made at the end of each year. He expects to earn 6.5% compounded annually prior to retirement. After the initial contribution Samuel plans on increasing his annual contributions by 3% each year. What is the amount of his initial contribution?
Kadiesha has decided to postpone saving for her retirement. Her plan is to make her first contribution to her retirement account when she turns 43, which will be 21 years from today. She will make a total of 25 annual contributions to the account. She expects to earn 6.5% compounded annually prior to retirement. The contributions will be made at the end of the year. What is amount of her annual contribution?
Tesho has decided to postpone saving for his retirement. His plan is to mark his first contribution to his retirement account when he turns 43, which will be 21 years from today. He will make a total of 25 annual contributions to the account. The contribution will be made at the end of each year. He expects to earn 6.5% compounded annually prior to retirement. The first contribution to his retirement account will be made 21 years from today. After the initial contribution Samuel plans on increasing his annual contributions by 3% each year. There will be a total of 25 annual contributions to the account. What is the amount of his initial contribution?
WILL GIVE THUMBS UP!!
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