How much money will I need to have at retirement so I can withdraw $60,000 a...

How much money will I need to have at retirement so I can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually? a. How much do you need in your account at the beginning? b. How much total money will you pull out of the account? c. How much of that money is interest?

Solutions

Expert Solution

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

You have accumulated $1,402,710 for your retirement. How much money can you withdraw for the next...

You have accumulated $1,402,710 for your retirement. How much money can you withdraw for the next 17 years in equal end-of-the-year cash flows if you invest the money at a rate of 13.66 percent per year, compounded annually?

How much money does Suzie need to have in her retirement savings account today if she...

How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $42,000 a year for 25 years? She expects to earn an average rate of return of 9.55 percent. Group of answer choices $394,819.18 $407,419.81 $385,160.98 $390,202.69 $388,683.83

How much money should be deposited at age 50 in order to withdraw $30000 at the...

How much money should be deposited at age 50 in order to withdraw $30000 at the end of each year for 5 years if the first withdrawal is made at age 65. The account earns 8.25% compounded quarterly. Hint: Round effective rate to two decimal places. For the time where no withdrawals are being made, use 8.25% compounded quarterly.

How much money can Bank A create by making loans? How much money can the banking...

How much money can Bank A create by making loans? How much money can the banking system as a whole create? Show your detailed calculation. What can you say about the relationship between the required reserve ratio and money creation? Why do some banks hold a part in excess reserves instead of loaning all excess reserves out? What are some other ways that banks may use a portion of their excess reserves?

2. You need to have $150,000 for your children’s tuition. How much money do you need...

2. You need to have $150,000 for your children’s tuition. How much money do you need to set aside each month for this amount to be available in 15 years? a. If you were to invest the money in a savings account at 3% interest? b. If you were to invest the money in a bond fund at 6% interest? c. If you were to invest the money in an equity fund at 10% interest? d. What type of a...

I NEED 2 PARAGRAPHS FOR THIS TYPING SO I CAN COPY IT How are budgets used...

I NEED 2 PARAGRAPHS FOR THIS TYPING SO I CAN COPY IT How are budgets used for performance evaluation? Give details to support your answer.

I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT How does a...

I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT How does a manager determine which variances to investigate? Give details to support your discussion.

I NEED 2 PARAGRAPHS REPLY TO THIS TYPING SO I CAN COPY IT How are budgets...

I NEED 2 PARAGRAPHS REPLY TO THIS TYPING SO I CAN COPY IT How are budgets used for performance evaluation? Financial budgets are normally prepared by the finance or accounting department of a company. In small businesses, the owner is required to prepare this budget. A performance budget allows businesses to plan for future expenditures. A budget, therefore, determines the amount of capital required to generate a certain level of sales. Businesses also adjust future expenses based on the past...

Hello I have these questions, Can I please get some assistance, I need not so long...

Hello I have these questions, Can I please get some assistance, I need not so long or short answers please How to decide what job to take. Is that a marginal decision? What is an explicit cost? What is an implicit cost? How is accounting profit calculated? How is economic profit calculated?

I need an equation to calculate how much time a coil has to and can remain...

I need an equation to calculate how much time a coil has to and can remain active in a coilgun to reach a specific velocity. In coilguns the coils must be disabled once the projectile is 1/2 inside the coil or the projectile will bounce. Fixed variables are as follow: -Mass of projectile -Initial velocity of projectile assuming vacuum -Final velocity of projectile assuming vacuum -Projectile and coil length (Projectile length is equal to coil length -Coil attraction distance in...

Subjects