After some thought, you have decided that you will need $60,000 each year to live on after you retire, and that you should plan on living 35 years after your retirement. Assume that your retirement account will earn 5% interest while you are taking out $60,000 each year. Additionally, you will get $10,000 each year after your retirement from the insurance company in which you invested money during your job. How much money must be in the retirement account when you retire?

Q: Benjamin Franklin invested $2 in 1776 into an account that has a 12% interest rate,in what year will…

A: It is simple interest problem

Q: ou have $5,000 on a credit card that charges 16% interest rate. If you want to pay off the credit…

A: To calculate the amount need to pay each month to repay the amount.

Q: You have $3,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Given Information:Present value in the credit card is .Rate of interest is .Number of years is 5…

Q: Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4%…

A:

Q: Start working with a savings account with a quarter in it and your boss doubles it each day for…

A:

Q: The future dollars of an investment at the end of 8 years is $ 132,000. Its today’s dollars is $…

A: INTEREST PAID BY BANK AT THE END OF 8YEAR=$132000-$76825=$55175 REAL RSTE OF INTEREST OF…

Q: You are saving for a dream vacation that will cost $5,000.  How many years will you have to wait…

A: We need to calculate the time taken for the amount to become 5000 $

Q: You want to be able to withdraw $40,000 from your account each year for 25 years after you…

A:

Q: Penny makes deposits into two separate accounts for 2 years. Option A: $800; 6% annual simple…

A:

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A:

Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

A:

Q: When Jack started his job working for an idustrial manufacturing company, he contributed $680 at the…

A: According to the given information it is required to find how much money Jack would have at the end…

Q: Jamie wants a new smart/TV sound system that cost $1,250. He does not have that much in cash to…

A:

Q: Calculate the directional cosine cos⁡β of the vector .  Round your answer to the nearest hundredths.…

A:

Q: How much would you need to deposit in an account each month in order to have $20,000 in the account…

A: We know that Simple interest = PTR/100 Here Time is 7 years and Rate is 6%  Amount is 20000$. Amount…

Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

A:

Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: A bank offers a CD that pays a simple interest rate of 5%. How much must you put in this CD now in…

A: First, always look for what you are asked to find. Here it is how much you must put into a CD.…

Q: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…

Q: A youth sports league receives a ​$30,000 donation for building a new snack bar and office building.…

A: A=P1+rnntFor quarterly, n=4

Q: Jessica deposits $2435 at the beginning of each semiannual period for 8 years in an account paying…

A: