Question
In: Finance
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First, she would like to be able to retire 30 years from now with retirement income of $28,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, she would like to purchase a cabin in Jersey Coast in 15 years at an estimated cost of $832,000. Third, after she passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $750,000 to her daughter Rebecca. Marcy can afford to save $2,400 per month for the next 15 years. If Marcy can earn a 11 percent EAR before she retires and a 7 percent EAR after she retires, how much will she have to save each month in Years 16 through 30?
Multiple Choice
$6,627.34
$7,817.61
$8,443.18
$6,494.80
$6,759.89
Solutions
jeff jeffy answered 2 years agoRelated Solutions
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $28,000 per month for 25 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 10 years at an
estimated cost of $337,000. Third, after she passes on at the end
of the 25 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $23,000 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 15 years at an
estimated cost of $943,000. Third, after she passes on at the end
of the 20 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $30,000 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 15 years at an
estimated cost of $669,000. Third, after she passes on at the end
of the 20 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $22,000 per month for 25 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 20 years at an
estimated cost of $977,000. Third, after she passes on at the end
of the 25 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $29,000 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 10 years at an
estimated cost of $288,000. Third, after she passes on at the end
of the 20 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $25,000 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 10 years at an
estimated cost of $256,000. Third, after she passes on at the end
of the 20 years of withdrawals, he...
Marcy Gross wants to save money to meet three objectives. First, she would like to be...
Marcy Gross wants to save money to meet three objectives. First,
she would like to be able to retire 30 years from now with
retirement income of $24,000 per month for 15 years, with the first
payment received 30 years and 1 month from now. Second, she would
like to purchase a cabin in Jersey Coast in 15 years at an
estimated cost of $624,000. Third, after she passes on at the end
of the 15 years of withdrawals, he...
Bonnie wants to save money to meet three objectives. First, she would like to be able...
Bonnie wants to save money to meet three objectives. First, she
would like to be able to retire 30 years from now with retirement
income of $26,000 per month for 30 years, with the first payment
received 30 years and 1 month from now. Second, she would like to
purchase a cabin in Vancouver in 10 years at an estimated cost of
$228,000. Third, after she passes on at the end of the 30 years of
withdrawals, he would like...
Bilbo Baggins wants to save money to meet three objectives. First, he would like to be...
Bilbo Baggins wants to save money to meet three objectives.
First, he would like to be able to retire 30 years from now with
retirement income of $28,000 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, he would
like to purchase a cabin in Rivendell in 20 years at an estimated
cost of $1,149,000. Third, after he passes on at the end of the 20
years of withdrawals, he would...
Bilbo Baggins wants to save money to meet three objectives. First, he would like to be...
Bilbo Baggins wants to save money to meet three objectives.
First, he would like to be able to retire 30 years from now with a
retirement income of $28,500 per month for 20 years, with the first
payment received 30 years and 1 month from now. Second, he would
like to purchase a cabin in Rivendell in 10 years at an estimated
cost of $365,000. Third, after he passes on at the end of the 20
years of withdrawals, he...
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