Question
In: Finance
Ross has decided that he wants to build enough retirement wealth that, if invested at 5...
Ross has decided that he wants to build enough retirement wealth that, if invested at 5 percent per year, will provide him with $4,400 of monthly income for 30 years. To date, he has saved nothing, but he still has 20 years until he retires.
How much money does he need to contribute per month to reach his goal? First compute how much money he will need at retirement, then compute the monthly contribution to reach that goal.
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Ross has decided that he wants to build enough retirement wealth that, if invested at 5...
Ross has decided that he wants to build enough retirement wealth
that, if invested at 5 percent per year, will provide him with
$5,000 of monthly income for 30 years. To date, he's saved nothing,
but he still has 20 years until he retires. How much money does he
need to contribute per month to reach his goal?
Monica has decided that she wants to build enough retirement wealth that, if invested at 8...
Monica has decided that she wants to build enough retirement
wealth that, if invested at 8 percent per year, will provide her
with $4,400 of monthly income for 20 years. To date, she has saved
nothing, but she still has 25 years until she retires.
How much money does she need to contribute per month to reach
her goal? (Do not round intermediate calculations. Round
your final answer to 2 decimal places.)
Monica has decided that she wants to build enough retirement wealth that, if invested at 10...
Monica has decided that she wants to build enough retirement
wealth that, if invested at 10 percent per year, will provide her
with $5,500 of monthly income for 25 years. To date, she has saved
nothing, but she still has 30 years until she retires.
How much money does she need to contribute per month to reach
her goal?
Monica has decided that she wants to build enough retirement wealth that, if invested at 10...
Monica has decided that she wants to build enough retirement
wealth that, if invested at 10 percent per year, will provide her
with $5,500 of monthly income for 25 years. To date, she has saved
nothing, but she still has 30 years until she retires. How much
money does she need to contribute per month to reach her goal
Your uncle has $320,000 invested at 7.5%, and he now wants to retire. He wants...
Your uncle has $320,000 invested at 7.5%, and he now wants to
retire. He wants to withdraw $35,000 at the end of each year,
starting at the end of this year. He also wants to have $25,000
left to give you when he ceases to withdraw funds from the account.
For how many years can he make the $35,000 withdrawals and still
have $25,000 left in the end?
a.
12 years
b.
16 years
c.
15 years
d.
17...
Unicola has now decided that it wants to build a $500,000,000 manufacturing facility to produce the...
Unicola has now decided that it wants to build a $500,000,000
manufacturing facility to produce the packaging for a series of new
soft drink and snack food lines. The company is doing this in order
to save costs and maximize efficiencies in its quest for a better
market presence in the Asia region. They are interested in
potentially locating, building, and operating a single
manufacturing facility in one of these foreign markets: Bangladesh,
Hong Kong, India, Indonesia, Malaysia, Pakistan, Singapore,...
MF has decided to start saving for his retirement. He will start at the end of...
MF has decided to start saving for his retirement. He will start
at the end of this year saving $2000 a year for 10 years and $5,000
a year for the next 15 years after that. When he has finished with
this period, he will still have 10 years left until he retires. The
interest rate before retirement is 9.5% interest per year. After he
retires the expected interest rate is 8%. If he wants to withdraw
from his account...
Your uncle has 431,000 invested at 6.8% and he now wants to retire. He plans to...
Your uncle has 431,000 invested at 6.8% and he now wants to
retire. He plans to withdraw $40,000 at the end of each year,
beginning this year.
How many years will it take to exhaust his funds, i.e., run the
account down to zero?
Mr Allen is selling 5 sets of western food in restaurant. He wants to build a...
Mr Allen is selling 5 sets of western food in restaurant. He
wants to build a food ordering system. So if the system has added 5
sets of western food inside the text file, how to use search
function to search the foods from the text file by using(( JAVA ))
and display it ?
1. John has started a new job and wants to open a retirement account. He is...
1. John has started a new job and wants to open a retirement
account. He is now 26 years old and plans to retire if he is over
65. For this, he is considering depositing $ 2815 retirement
accounts annually. Annual interest yield is 2%.
a. How much money will he save when he retires? Calculate by
drawing a cash flow diagram.
b. If John wanted to save $ 150,000, how much money would he have
to deposit into his...
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