Assume you start saving 15% of your income each month at age 25 with a salary of $36,000 a year. If your account earns the equivalent of 9% interest compounded monthly, compute the amount of money you will have saved by age 65.
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- Suppose you want to have $600,000 for retirement in 25 years. Your account earns 6% interest. How much would you need to deposit in the account each month? $Suppose you want to have $700,000 for retirement in 35 years. Your account earns 9% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn?suppose you want to have $700,000 for your retirement in 35 years. your account earns 8% How much would you need to deposit into the account each month?
- If you invest $3500 for 6 months in an account that earns 8.25% annually, how much interest will you earn? Please understand in detailsuppose you want to be able to withdraw $4,800 at the end of each month for the next 20 years. How much would you need to have in the account at the beginning if you can earn 7.5% annually?You deposit $100 each month into an account that earns 3% annual interest, with interest compounded monthly.a) How much will you have in the account in 15 years?b) How much total money will you deposit into the account over the 15 years?c) How much total interest will you earn in the 15 years?
- Suppose you want to have $500,000.00 for retirement in 35 years. You plan to make regular monthly deposits into an account earning 7% interest compounded monthly. How much would you need to deposit in the account each month? How much money will you have put into the account? Hint How much interest will you have earned? HintSuppose that starting at age 25, you make steady contributions to a retirement account (with initial balance 0). What should your yearly contribution be if you want to have a balance of $815,000 after 40 years? Assume your account will earn 7% interest, compounded continuously. (Round your answer to the nearest dollar.)Suppose you want to have $400,000 for retirement in 35 years. Your account earns 4% interest. Round your answers to the nearest cent.a) How much would you need to deposit in the account each month? $ b) How much interest will you earn? $
- Suppose you want to have $300,000 in the bank when you retire in 45 years and the bank pays 3% annual interest compounded monthly. What should your monthly payments be? USING EXCELYou deposit $400 each month into an account earning 6% interest compounded monthly. How much will you have in the account in 25 years? How much total money will you put into the account? How much total interest will you earn?Assume you put $400 per month into a retirement account for 14 years, and the account has an APR of 3.01% compounded monthly. What is the account balance at the end of the 14 years? Round your answer to the nearest cent. How much of the money in the account at the end of the 14 years is your personal investment, meaning that the money came directly from you? How much of the money in the account at the end of the 14 years is interest? What percentage of the account balance after 14 years is interest? Hint: The percentage of interest in the account is equal to the amount of the account ballance that is interest divided by the base account balance. Multiply that result by 100 to get a percentage. Round your percentage to one decimal place.