Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? Question 7Answer a. $40,000 b. $24,012 c. $200,204 d. $752,952
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Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life?
Question 7Answer
$40,000
$24,012
$200,204
$752,952
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- Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? a. $752,952 b. $200,204 c. $40,000 d. $24,012Assume your goal in life is to retire with four million dollars. How much would you need to save at the end of each year if interest rates average 6% and you have a 20−year work life? A. $1,247,219 B. $108,737 C. $400,000 D. $12,000Assume your goal in life is to retire with $2,500,000. How much would you need to save at the end of each year if interest rates average 8% and you have a 15−year work life? (Round the final answer to the nearest whole dollar.) A. $92,074 B. $13,333 C. $788,104 D. $333,333
- prd.2Suppose you are 20 years old today and want to have OMR 500000 saved by the time you reach 30 years. If you receive 5% interest on your money how much would you have to invest to reach your goal? Select one: O a. 317428.50 O b. 306959.63 O c. None O d. 594620.15 e. 628520.75You want to retire in 25 years. You currently have $200,000 saved and you believe you need $1,200,000 at retirement. What annual interest rate will you need to earn to meet your goal? A Moving to another question will save this response. < Question 3 of 25 7:37 P ch 4/4/20 |查
- You want to retire with $400 000 in the bank and you are able to earn 6% compounded quarterly for the next 25 years. How much money do you have to invest today in order to achieve your goal? Select one: a. $90 251.77 b. $90 201.77 c. $90 001.78 d. $90 251.78 e. $90 001.771On the day you retire you have $500,000 saved. You expect to live another 30 years during which time you expect to earn 8% on your savings while inflation averages 3.5% annually. Assume you want to spend the same amount each year in real terms and die on the day you spend your last dime. What real amount will you be able to spend each year? a. $61,931.78 b. $79,211.09 c. $79,644.58 d. $30,695.77 2Now consider your financial objective is to save $500,000 for preparing your retirement, assuming 30 years from now. If you invest your RRSP savings in a mutual fund which can realize an average return of 10% per year. To achieve your goal, how much do you need to save at the end of each year over the 30-year period? a. 4,039.26 b. 3,039.62 c. 2,985.54 d. 10,988.32 3What is the FV of $100 deposited today into an account with an APR 12.6%, compounded semiannually for 10 years? a. 1478.96 b. 3460.06 c. 327.63 d. 339.36mni.3
- Q1. You have been told that you need $x today in order to have $100,000 when you retire 20 years from now. The annual interest rate is 5% on average. Computex. Answer Q2. You plan to make a $40,000 contribution to your individual retirement account, at 3.5 percent per year on average. Compute how much it will be worth if you deposit it for 25 years. Answer Q3. Repeat Q1-Q2, when the interest rate is being componded every SIX MONTHS (or SEMIANNUALLY). Answer Q4. Erica is purchasing a financial instrument that will pay $5,000 a year for seven years, at the end of every year. How much should she pay for this investment today if she wishes to earn a 12 percent rate of return? Answer Q5. Repeat Q5, when you are committed to making contributions at the beginning of every year. Answer Q6. Solve for x: Jane recently purchased a new home with a mortgage of $x. She financed it at 6.6 percent interest with annual installments of $36,000 for thirty years. Answer Q7. Solve for x: Jane recently…Saved You have just made your first $4,000 contribution to your retirement account. Assume you earn a return of11 percent and make no additional contributions. a. What will your account be worth when you retire in 40 years? Future value for starting now b. What will your account be worth if you wait 7 years before contributing? Future value if waiting 7 yearsGive typing answer with explanation and conclusion