. Ronald, a recently hired employee of Hat Corp, would like to retire in 30 years with a balance of 1,000,000 in his retirement account. The retirement account relies entirely on the employees contributions to the account. Ronalds would like to make the payments in equal, annual installments beginning at the start of each year for the next 30 years. Assuming the market interest rate is 5%, what amount does Ronald need to contribute to the account annually so that his retirement account has $1,000,000 in 30 years? Round to the nearest dollar.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
15. Ronald, a recently hired employee of Hat Corp, would like to retire in 30 years with a balance of 1,000,000 in his retirement account. The retirement account relies entirely on the employees contributions to the account. Ronalds would like to make the payments in equal, annual installments beginning at the start of each year for the next 30 years. Assuming the market interest rate is 5%, what amount does Ronald need to contribute to the account annually so that his retirement account has $1,000,000 in 30 years? Round to the nearest dollar.
please also explain that formula(s) you used and variable inputs.
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