Suppose you save $100 per month the year you graduate (at age 22) and get a...

Suppose you save $100 per month the year you graduate (at age 22) and get a 10% return, roughly how much will it be worth when you retire in your mid 60s.

Group of answer choices

$48,000

$64,000

$77,000

$1200

Solutions

Expert Solution

The amount he deposited until 38 years will be 45,700.

So option A will be the answer.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

Now that you are going to save 100 €/month, you decided to save those 100€ per...

Now that you are going to save 100 €/month, you decided to save those 100€ per month in a bank account that offers a 2% interest rate compounded monthly, till the day you retire (that is to say, in 20 years). Please answer the following questions: If you decide to do your deposits at the end of every month (similarly to ex.1, so your first deposit will be in one month from today) in a bank account that offers a...

1. If your salary is $ 1,500 per month and you save $ 500 per month,...

1. If your salary is $ 1,500 per month and you save $ 500 per month, your savings rate is 2. How much money should you invest today at 8% interest to get it to grow to $ 15,000 years? 3. What annual interest rate will make $ 500 increase to $ 1,948 in 12 years? 10 years

Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest...

Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest rate of 3% compounded monthly. How much will the savings account be worth in 35 years? (Assume no withdrawals take place). 420,000.00 $741,563.66 $913,730.94 $1,523,212.27

Suppose you plan to save $8,000 per year for the 35 years you are working. In...

Suppose you plan to save $8,000 per year for the 35 years you are working. In addition to the amount you are saving each year, you expect to sell your house for $600,000 in year 32 and deposit this money into your account. How much can you withdraw in equal amounts each year for the 30 years you are retired. The interest rate you will earn during the 35 years you are saving is 7%. Once you retire, you’ll reduce...

Suppose you plan to save $8,000 per year for the 35 years you are working. In...

Suppose you plan to save $8,000 per year for the 35 years you are working. In addition to the amount you are saving each year, you expect to sell your house for $600,000 in year 34 and deposit this money into your account. How much can you withdraw in equal amounts each year for the 30 years you are retired. The interest rate you will earn during the 35 years you are saving is 9%. Once you retire, you’ll reduce...

Tony Robbins’ wealth strategy: save $300 per month from age 20 to age 30 (i.e. 10...

Tony Robbins’ wealth strategy: save $300 per month from age 20 to age 30 (i.e. 10 years), and then you stop making any monthly deposits, and you leave the account alone until you are 65 years old (i.e. leave it alone for 35 years). Question Three: At 65years old, you have saved up a lot of money. Now, you’re retired and want to take out a monthly annuity payment from the account, such that at age 95 the value of...

Suppose that between the ages of 22 and 36, you contribute $9000 per year to a...

Suppose that between the ages of 22 and 36, you contribute $9000 per year to a 401(k) and your employer contributes $4500 per year on your behalf. The interest rate is 7.9% compounded annually. What is the value of the 401(k) after 14 years? b. Suppose that after 14 years of working for this firm, you move on to a new job. However, you keep your accumulated retirement funds in the 401(k). How much money will you have in the...

Question

Suppose you save $100 per month the year you graduate (at age 22) and get a...

Solutions

Expert Solution

Related Solutions

Now that you are going to save 100 €/month, you decided to save those 100€ per...

1. If your salary is $ 1,500 per month and you save $ 500 per month,...

Suppose you save $1,000 per month for 35 years. The bank promises you an annual interest...

Suppose you plan to save $8,000 per year for the 35 years you are working. In...

Suppose you plan to save $8,000 per year for the 35 years you are working. In...

Tony Robbins’ wealth strategy: save $300 per month from age 20 to age 30 (i.e. 10...

Suppose that between the ages of 22 and 36, you contribute $9000 per year to a...

You save $75 a month for 30 years. If you are able to earn 6%per...

Suppose you save $75 a month for 30 years. If you are able to earn 6%...

If you save $2,000 per month for the next 6 years, you would be accumulating $200,000....