Question
In: Finance
If Derek plans to deposit $10,463.00 into his retirement accounton each birthday beginning with his...
If Derek plans to deposit $10,463.00 into his retirement account on each birthday beginning with his 26th and the account earns 12.00%, how long will it take him to accumulate $2,019,998.00?
Answer format: Number: Round to: 2 decimal places.
Solutions
Expert Solution
Information provided:
Future value (PV)= $2,019,998
Annual deposit= $10,463
Yield to maturity (I/Y)= 12%
The time taken to accumulate $2,019,998 is calculated by entering the below information in a financial calculation:
FV= $2,019,998
PMT= -10,463
I/Y= 12
Press the CPT key and N to compute the time aken to accumulate $2,019,998.
The value obtained is 28.10.
Therefore, Derek takes 28.10 years to accumulate $2,019,998.
jeff jeffy answered 2 years agoRelated Solutions
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please solve using a financial calculator? Thank you!
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decimal format rounded to...
Derek can deposit $11,000 on each birthday beginning with his 26th and ending with his 65th....
Derek can deposit $11,000 on each birthday beginning with his
26th and ending with his 65th. What will the rate on the retirement
account need to be for him to have $3,000,000 in it when he retires
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decimal places (Example: 9.2434%, % sign required. Will accept
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#22
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26th and ending with his 65th. 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 65th birthday?
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decimal places (Example: 9.2434%, % sign required. Will accept
decimal format rounded to 6 decimal places (ex: 0.092434))
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