A woman decides to invest $30003000 in an IRA CD at the end of each year for 1010 years. If she makes these payments and the certificates all pay 77%, compounded annually, how much will she have at the end of the 1010 years?

A woman decides to invest $30003000 in an IRA CD at the end of each year for 1010 years. If she makes these payments and the certificates all pay 77%, compounded annually, how much will she have at the end of the 1010 years?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

June Watson is contributing $2,000 each year to a Roth IRA. The IRA earns 4.4% per year. How much will she have at the end of 35 years? If June's first payment is made with the establishment of the Roth IRA, she will have S (Round to the nearest cent as needed.)
The Martinez are planning for a retirement home. They estimate they will need $212,000 4 years from now to purchase this home. Assuming an interest rate of 12%, with four equal amounts being deposited at the beginning of the period. What amount must be deposited at the beginning of each period?
You annually invest $2,000 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 15 years. Your twin sister does the same starting at age 35 and makes the contributions for 25 years. Both of you earn 7 percent annually on your investment. What amounts will you and your sister have at age 60? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 60?-Select-You haveYour sister hasItem 3 the larger amount.
The Good Fairy has offered to give you $1,000,000 in 20 years. She has volunteered to deposit the present value of the $1,000,000 in a trust managed by a bank or insurance company of your choice. How much must the Good Fairy deposit if the investment earns annual compounding interest of 5 percent?
Mary is going to receive a 31-year annuity of $8,600 per year. Nancy is going to receive a perpetuity of $8,600 per year. If the appropriate interest rate is 9 percent, how much more is Nancy’s cash flow worth?
Sandra plans to retire and can receive a lump sum of $26,376 from her pension provider. She decides to invest of the lump sum for 8 years and use the rest for 3 travelling. Her bank account pays 4.99% compound interest per annum. How much interest will Sandra receive from this investment after 8 years? Round your answer to the nearest thousand dollars. %24
Debbie invests $5,500 in her IRA account each year for 40 years. If she earns 7% return annually on her IRA account, what will her investment grow to in 40 years?
How much should chuck invest semiannually in his ira to have $250,000 in it when he retires in 25 years, if the interest stays 11% compounded semiannually?
A young professional wishes to have $820000 in her retirement account. Its current value is $36000. She invests $600 monthly in the account which earns a 8.1% annual interest rate, with interest compounded monthly. Find the number of payments needed to reach her goal.
Joe Pierce has been offered the opportunity of investing $178,556.90 now. The investment will earn 8% per year and at the end of its life will return $500,000 to Joe. How many years must Joe wait to receive the $500,000?
Una Day is planning to retire in 14 years, at which time she hopes to have accumulated enough money to receive an annuity of $17,000 a year for 19 years of retirement. During her pre-retirement period she expects to earn 8 percent annually, while during retirement she expects to earn 10 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $ 7,422 x
Hank made payments of $106 per month at the end of each month for 30 years to purchase a piece of property. He promptly sold it for $99,810. What annual interest rate would he need to earn on an ordinary annuity for a comparable rate of return? ◻️٪؜ (Round to the nearest hundredth as needed.)