Question
In: Finance
Following her 18th birthday, Madison began investing $26 at the end of each week in an...
Following her 18th birthday, Madison began investing $26 at the end of each week in an account earning 6% per year compounded weekly. She plans to continue making weekly investments until she turns 68. If she had waited until she turned 48, how much would she have to invest weekly in order to have the same retirement nest egg at age 68? Round to the nearest cent.
Solutions
Expert Solution
| Future value if weekly investments are made from age 18 | $429,278.71 |
| Amount to invest weekly if the investments start at age 48 | $213.70 |
Using excel formulae as below
| Future value if weekly investments are made from age 18 | =FV(6%/52,(68-18)*52,-26) |
| Amount to invest weekly if the investments start at age 48 | =PMT(6%/52,(68-48)*52,,-C2) |
WORKINGS
jeff jeffy answered 4 months agoRelated Solutions
Following her 18th birthday, Madison began investing $26 at the end of each week in an...
Following her 18th birthday, Madison began investing $26 at the
end of each week in an account earning 6% per year. She plans to
continue making weekly investments until she turns 68. If she
hadn't started investing until she turned 48, how much would she
have to invest each week in order to have the same retirement nest
egg at age 68? Round to the nearest cent.
An asset is projected to generate 12 annual cash flows of $7,000
starting...
Following her 18th birthday, Madison began investing $20 at theend of each week in an...
Following her 18th birthday, Madison began investing $20 at the
end of each week in an account earning 7% per year. She plans to
continue making weekly investments until she turns 68. If she
hadn't started investing until she turned 45, how much would she
have to invest each week in order to have the same retirement nest
egg at age 68? Round to the nearest cent. [Hint: Find the size of
the retirement nest egg under the first long...
Following her 18th birthday, Madison began investing $50 at theend of each week in an...
Following her 18th birthday, Madison began investing $50 at the
end of each week in an account earning 4% per year. She plans to
continue making weekly investments until she turns 68. If she
hadn't started investing until she turned 60, how much would she
have to invest each week in order to have the same retirement nest
egg at age 68? Round to the nearest cent. [Hint: Find the size of
the retirement nest egg under the first long...
Madison Corner writes 26 checks a day for an average amount of $481 each. These checks...
Madison Corner writes 26 checks a day for an average amount of
$481 each. These checks generally clear the bank 3.75 days after
they are written. In addition, the firm generally receives 63
checks with an average amount of $538 each. Deposited amounts are
available after an average of 3.25 days. What is the amount of the
firm's collection float?
a)$12506
b)$33894
c) $63,258
d) $110156
Roberta is a 26 year old, 39 week pregnant woman who was just told by her...
Roberta is a 26 year old, 39 week pregnant woman who was just
told by her doctor, at her office visit, that she needs a CESAREAN
SECTION.
• What is a cesarean section?
• Why might a NON-LABORING pregnant woman need a cesarean
section? Name and explain 3 reasons.
• Why might a LABORING pregnant woman need a cesarean section?
Name and explain 2 reasons. You are her nurse in the pre-op area
and are getting her ready for the...
A 26-week pregnant woman G2 P1 comes to the clinic for a 3-hour glucose tolerance test. Her...
A 26-week pregnant woman G2 P1 comes to the clinic for a
3-hour glucose tolerance test. Her Values are as
follows: Fasting 92, 1 hr 193, 2 hr 162, 3 hr 138. What are the
significance of these values? What effect could this have on the
fetus? What is the management for this patient?
. Mark saves $20 at the end of each week and deposits the money in an...
. Mark saves $20 at the end of each week and deposits the money
in an account paying 4% compounded monthly. a. How much will he
accumulate in 10 years? _______________ b. How much of the
accumulated amount is interest? _______________
Abigail wishes to purchase an annuity which will pay her $2250 at the end of each...
Abigail wishes to purchase an annuity which will pay her $2250
at the end of each month for 10 years. The rate of interest on the
annuity is 6% compounded monthly. Find the present value of this
cash flow.
Vanessa invests $5,000 at the end of each of the next 15 years and her investment...
Vanessa invests $5,000 at the end of each of the next 15 years
and her investment earns interest at an annual effective rate of
8%. The interest that she receives at the end of each year is
reinvested and earns interest at an annual effective rate of 5%.
Calculate the accumulated value at time 15 years.
NO EXCEL
EXCEL= THUMBS DOWN
FORMULAS / SHOW WORK = THUMBS UP
Sylvia plans to invest $ 350 into her RRSP at the end of each month. What...
Sylvia plans to invest $ 350 into her RRSP at the end of each
month. What will be the value of RRSP in 25 years if the RRSP earns
4.7% compounded monthly?
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Please do in java Program 3: Give a baby $5,000! Did you know that, over the...
- This is all one question, thank you so much in advance! You must evaluate the purchase...
- 10. Consider a market in which there is a monopoly manufacturer and a mo nopoly retailer....
- Write a function fun(x) that takes as input a positive number x and solves the following...
- Describe the principles and operations of movement sensors: Doppler-Effect Velocity sensor and Spring-Mass Accelerometor; State the...
- This is all one question, thank you so much in advance. The Bigbee Bottling Company is...
- For Questions 1-3: consider the following code: public class A { private int number; protected String...
ADVERTISEMENT