Question

In: Accounting

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?

Solutions

Expert Solution

Yearly Ammortization Schedule


Related Solutions

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?
Starting with $12,000, how much will you have in 12 years if you can earn 12 percent on your money?
Starting with $12,000, how much will you have in 12 years if you can earn 12 percent on your money? Round the answer to the nearest cent. Round FV-factor to three decimal places.Calculate your answer based on the FV-factor.$ ______Calculate your answer based on the financial calculator.$ ______If you can earn only 8 percent? Round the answer to the nearest cent. Round FV-factor to three decimal places.Calculate your answer based on the FV-factor.$ _____Calculate your answer based on the financial...
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.
You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be...
You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years? $
You have $400,000 saved for retirement. Your account earns 9%interest. How much will you be...
You have $400,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
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?
How much will you have accumulated, if you annually invest $1,500 into an IRA at 8%...
How much will you have accumulated, if you annually invest $1,500 into an IRA at 8% interest compounded monthly for: a. 5 year b. 20 years c. 40 years d. How long will it take to earn your first million dollars? Your answer should be exact rounded within 2 decimal places. Please use logarithms to solve. (Total of 15 points)
1) How much will you have accumulated over a period of 35 years if, in an...
1) How much will you have accumulated over a period of 35 years if, in an IRA which has a 10% interest rate compounded monthly, you annually invest: a. $1 b. $5000 c. $8,000 d. Part (a) is called the effective yield of an account. How could Part (a) be used to determine Parts (b) and (c)? (Your answer should be in complete sentences)
1) How much will you have accumulated over a period of 35 years if, in an...
1) How much will you have accumulated over a period of 35 years if, in an IRA which has a 10% interest rate compounded monthly, you annually invest: a. $1 b. $5000 c. $8,000 d. Part (a) is called the effective yield of an account. How could Part (a) be used to determine Parts (b) and (c)? (Your answer should be in complete sentences free of grammar, spelling, and punctuation mistakes.)
1) How much will you have accumulated over a period of 30 years if, in an...
1) How much will you have accumulated over a period of 30 years if, in an IRA which has a 10% interest rate compounded quarterly, you annually invest: a. $1 b. $4000 c. $10,000 d. Part (a) is called the effective yield of an account. How could Part (a) be used to determine Parts (b) and (c)? (Your answer should be in complete sentences free of grammar, spelling, and punctuation mistakes.) 2) How much will you have accumulated, if you...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT