A man is planning to retire in 15 years. Money can be deposited at 8% compounded quarterly. What quarterly deposit must be made at the end of each quarter until he can retire so that he can make a withdrawal of $3900 semiannually over the first five years of his retirement? Assume that his first withdrawal occurs at the end of six months after his retirement.
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- Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit 2 withdrawals: 40,000 at the end of 4 years and 50,000 at the end of 10 years. Analyze the problem to determine the required deposit, stating the procedure to follow and the tables to use in developing the solution.Cory Manciagli is planning to retire in 22 years.Money can be deposited at 8.2% compounded quarterly. What quarterly deposit must be made at theend of each quarter until Cory retires so that he canmake a withdrawal of $65,000 semi-annually overthe first 15 years of his retirement? Assume that hisfirst withdrawal occurs at the end of six months afterhis retirement.A man is planning to retire in 25 years. He wishes to deposit a regular amountevery three months until he retires so that, beginning one year following hisretirement, he will receive annual payments of $50,000 for the next 10 years.How much must he deposit if the interest rate is 9% compounded quarterly?
- Sam Musso is planning to retire in 20 years. He can deposit money at 12% compounded quarterly. What deposit must he make at the end of each quarter until he retires so that he can make a withdrawal of $55,000 semiannually over five years after his retirement? Assume that his first withdrawal occurs at the end of six months after his retirement.Gerein wishes to have P35,000 when he retires 15 years from now. If he can expect to receive 4% annual interest, how much he set aside in each of 15 equal annual beginning of year deposits?A worker age 40 wishes to accumulate a fund for retirement by depositing $3000 at thebeginning of each half a year for 25 years. Assuming all payments are certain to be made, findthe amount he will pay, if the effective interest rate is 8% compounded annually.
- To prepare for an early retirement, a self-employed businessman makes deposits of $6200 at the begin of each half-year for 6 years, starting on his 40 birthday. When he is 53, he wishes to make 30 equal day withdrawals. What is the size of each withdrawal if interest is 7.21% compounded daily?Giselle wants to withdraw $7500 at the beginning of every three months for 20 years starting on the day of her retirement. If she will retire in 24 years and interest is 3.95% compounded quarterly, how much must she deposit into an account at the beginning of every quarter for the next 24 years starting now? Show all inputs and any other necessary work below. This question requires two separate steps. Show all inputs for both steps and any other necessary work. P/Y = P/Y = C/Y = C/Y = N = N = IY = I/Y = PV = PV = PMT = PMT = FV = FV = Final Answer:2) If Bob deposits $5000 at the end of each year for 14 years in an account paying 6% inter compounded annually, find the amount he will have on deposit.
- A person has an individual retirement account that they contribute | . $2,150 to annually at the end of each year. The person wants to retire after making 35 annual contributions to the account. Assuming that the account earns 12% interest annually, using the Future Value of an Annuity of 1 table, compute the value of the account on the date of the final contribution (35 years from the present).You begin making contributions to a new retirement account on your thirtieth birthday. You make a contribution of $4000 at the beginning of each year through your sixty-fourth birthday. Starting at age sixty-five and continuing through your eightieth birthday, you made a level withdrawal on your birthday. Find the amount of these withdrawals if they completely exhaust the balance in your account and the annual effective rate is 6% until you are sixty-five and 5% thereafter.A man deposits $19,000 at the beginning of each year for 9 years in an account paying 6% compounded annually. He then puts the total amount on deposit in another account paying 8% compounded semiannually for another 7 years. Find the final amount on deposit after the entire 16-year period. He will have a final amount of $_ after the entire 16-year period.