Question
In: Finance
If you currently have$200’000 in your retirement account , and plan to contribute $10,000 per year...
If you currently have$200’000 in your retirement account , and plan to contribute $10,000 per year and can earn 8%(annually) , how long will it take you to reach your goal of $1,000,000?
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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
As nothing was mentioned excel is used.
jeff jeffy answered 3 months agoRelated Solutions
Assume that you contribute $250 per month to a retirement plan for 25 years. Then you...
Assume that you contribute $250 per month to a retirement plan
for 25 years. Then you are able to increase the contribution to
$500 per month for another 25 years. Given a 9.0 percent interest
rate, what is the value of your retirement plan after the 50
years?
Assume that you contribute $260 per month to a retirement plan for 20 years. Then you...
Assume that you contribute $260 per month to a retirement plan
for 20 years. Then you are able to increase the contribution to
$460 per month for the next 30 years. Given a 6.0 percent interest
rate, what is the value of your retirement plan after the 50 years?
(Do not round intermediate calculations and round your final answer
to 2 decimal places.)
Assume that you contribute $260 per month to a retirement plan for 20 years. Then you...
Assume that you contribute $260 per month to a retirement plan
for 20 years. Then you are able to increase the contribution to
$520 per month for another 30 years. Given a 7.2 percent interest
rate, what is the value of your retirement plan after the 50
years?
You plan to make a deposit every year into your retirement account for 30 years. Your...
You plan to make a deposit every year into your retirement
account for 30 years. Your deposit at the end of the first year
will be $2000. Each year you will increase your deposit by $500.
What would be the equivalent amount that you would
need to deposit each year if the amount you deposited every year
never changed. (i.e. instead of your first deposit being $2000 and
your second being $2500, etc., your first deposit will be $X and...
You are planning your retirement in 35 years. You currently have $8,000 and plan to add...
You are planning your retirement in 35 years. You currently have
$8,000 and plan to add $3,000 at the end of each of the next 35
years. You expect to earn a return of 8.5% per year from your
retirement investment account. When you retire in 35 years, you
will transfer your money to an annuity account managed by an
insurance company that pays a return of 3.5% per year. This annuity
account will allow you to withdraw an equal...
11. Assume you contribute $500 per month to a retirement plan for 30 years. Then, you...
11. Assume you contribute $500 per month to a retirement plan
for 30 years. Then, you are able to increase the contribution to
$600 per month for another 15 years. Given a nine (9) percent
interest rate (as APR), what is the value of your retirement plan
after the 45 years?
Group of answer choices
A. $3,740,279.81
B. $915,371.74
C. $3,190,385.51
D. $4,008,230.74
E. $4,655,6541.55
You are planning your retirement in 10 years. You currently have $164,000 in a bond account...
You are planning your retirement in 10 years. You currently have
$164,000 in a bond account and $604,000 in a stock account. You
plan to add $7,600 per year at the end of each of the next 10 years
to your bond account. The stock account will earn a return of 10.5
percent and the bond account will earn a return of 7 percent. When
you retire, you plan to withdraw an equal amount for each of the
next 21...
You are planning your retirement in 10 years. You currently have $120,000 in a bond account...
You are planning your retirement in 10 years. You currently have
$120,000 in a bond account and $500,000 in a stock account. You
plan to add $5,000 per year at the end of each of the next 10 years
to your bond account. The stock account will earn a return of 10.5
percent and the bond account will earn a return of 7 percent. When
you retire, you plan to withdraw an equal amount for each of the
next 25...
You currently have $2,500 in your savings account. You would like to have $10,000 five years...
You currently have $2,500 in your savings account. You would
like to have $10,000 five years from today. How much must you
deposit in equal amounts at the end of each month for the next five
years in order to reach your goal at an interest rate of 9% per
year, compounded monthly?
You are trying to plan for retirement in 20 years and currently you have $50,000 in...
You are trying to plan for retirement in 20 years and currently
you have $50,000 in a savings account and $80,000 in stocks. In
addition, you plan to add to your savings by depositing $10,000 per
year in your savings account at the end of each of the next 20
years, until retirement. Assume that your savings account returns
5% compounded annually and your investment in stocks will return
10% compounded annually, how much do you have at the end...
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