Bankrate.com reported on a shocking statistic: only 55% of workers participate in their company’s retirement plan. This means that 45% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 25, decided she needs to have $350,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 4% compounded annually to meet her goal? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest dollar amou
Bankrate.com reported on a shocking statistic: only 55% of workers participate in their company’s retirement plan. This means that 45% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 25, decided she needs to have $350,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 4% compounded annually to meet her goal? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest dollar amou
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Bankrate.com reported on a shocking statistic: only 55% of workers participate in their company’s retirement plan. This means that 45% do not. With such an uncertain future for Social Security, this can leave almost 1 in 2 individuals without proper income during retirement. Jill Collins, 25, decided she needs to have $350,000 in her retirement account upon retiring at 60. How much does she need to invest each year at 4% compounded annually to meet her goal? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
Transcribed Image Text:M sinking_fund_factors
1,040A
M Question 3 - 13.3 HW - Connect
ourse Hero
Sinking fund factor of $1 per period at i% for n periods.
9.5% 10.0%
0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0%
1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000 1.0000
0.4988 0.4975 0.4963 0.4950 0.4938 0.4926 0.4914 0.4902 0.4890 0.4878 0.4866 0.4854 0.4843 0.4831 0.4819 0.4808 0.4796 0.4785 |0.4773 0.4762
0.3317 0.3300 0.3284 0.3268 0.3251 0.3235 0.3219 0.3203 0.3188 0.3172 0.3157 0.3141 0.3126 0.3111 0.3095 0.3080 0.3065 0.3051 0.3036 0.3021
0.2481 0.2463 0.2444 0.2426 0.2408 0.2390 0.2373 0.2355 0.2337 0.2320 0.2303 0.2286 0.2269 0.2252 0.2236 0.2219 0.2203 0.2187 0.2171 0.2155
0.1980 0.1960 0.1941 0.1922 0.1902 0.1884 0.1865 0.1846 0.1828 0.1810 0.1792 0.1774 0.1756 0.1739 0.1722 0.1705 0.1688 0.1671 0.1654 0.1638
0.1646 0.1625 0.1605 0.1585 0.1565 0.1546 0.1527 0.1508 0.1489 0.1470 0.1452 0.1434 0.1416 0.1398 0.1380 0.1363 0.1346 0.1329 0.1313 0.1296
0.1407 0.1386 0.1366 0.1345 0.1325 0.1305 0.1285 0.1266 0.12470.1228 0.1210 0.1191 0.1173 0.1156 0.1138 0.11210.1104 0.1087 |0.1070 0.1054
0.1228 0.1207 0.1186 0.1165 0.1145 0.1125 0.1105 0.1085 0.10660.1047 0.1029 0.1010 0.0992 0.0975 0.0957 0.09400.0923 0.0907 0.0890 0.0874
0.1089 0.1067 0.1046 0.1025 0.1005 0.0984 0.0964 0.0945 0.0926|0.0907 0.0888 0.0870 0.3352 0.0835 0.0818 0.0801 0.0784 0.0768 0.0752 0.0736
0.0978 0.0956 0.0934 0.0913 0.0893 0.0872 0.0852 0.0833 0.08140.0795 0.0777 0.0759 0.0741 0.0724 0.0707 0.0690 0.0674 0.0658 0.0643 0.0627
0.0887 0.0865 0.0843 0.0822 0.0801 0.0781 0.0761 0.0741 0.0722 0.0704 0.0686 0.0668 0.0651 0.0634 0.0617 0.0601 0.0585 0.0569 0.0554 0.0540
0.0811 0.0788 0.0767 0.0746 0.0725 0.0705 0.0685 0.0666 0.0647 0.0628 0.0610 0.0593 0.0576 0.0559 0.0543 0.0527 0.0512 0.0497 0.0482 0.0468
0.0746 0.0724 0.0702 0.0681 0.0660 0.0640 0.0621 0.0601 0.0583 0.0565 0.0547 0.0530 0.0513 0.0497 0.0481 0.0465 0.0450 0.0436 0.0422 0.0408
0.0691 0.0669 0.0647 0.0626 0.0605 0.0585 0.0566 0.0547 0.0528 0.0510 0.04930.0476 0.0459 0.0443 0.0428 0.0413 0.0398 0.0384 0.0371 0.0357
0.0644 0.0621 0.0599 0.0578 0.0558|0.0538 0.0518 0.0499 0.0481 0.04630.0446 0.0430 0.0414 0.0398 0.0383 0.0368 0.0354 0.0341 0.0327 0.0315
0.0602 0.0579 0.0558 0.0537 0.0516 0.0496 0.0477 0.0458 0.0440 0.0423 0.04060.0390 0.0374 0.0359 0.0344 0.0330 0.0316 0.0303 0.0290 0.0278
0.0565 0.0543 0.0521 0.0500 0.04790.0460 0.0440 0.0422 0.0404 0.0387| 0.0370 0.0354 0.0339 0.0324 0.0310|0.0296 | 0.0283 0.0270 0.0258 0.0247
0.0532 0.0510 0.0488 0.0467 0.0447 0.0427 0.0408 0.0390 0.0372 0.0355 0.0339 0.0324 0.0309 0.0294 0.0280 0.0267 0.0254 0.0242 0.0230 0.0219
0.0503 0.0481 0.0459 0.0438 0.0418 0.0398 0.0379 0.0361 0.0344 0.0327 0.03120.0296 0.0282 0.0268 0.0254 0.0241 0.0229 0.0217 0.0206 0.0195
0.0477 0.0454 0.0432 0.0412 0.0391 0.0372 0.0354 0.0336 0.0319 0.0302 0.0287 0.0272 0.0258 0.0244 0.0231 0.0219 0.0207 0.0195 0.0185 0.0175
0.0453 0.0430 0.0409 0.0388 0.0368 0.0349 0.0330 0.0313 0.0296 0.0280 0.0265 0.0250 0.0236 0.0223 0.0210 0.0198 0.0187 0.0176 0.0166 0.0156
0.0431 0.0409 0.0387 0.0366 0.0346 0.0327 0.0309 0.0292 0.0275 0.0260 0.0245 0.0230 0.0217 0.0204 0.0192 0.0180 0.0169 |0.0159 0.0149 0.0140
0.0411 0.0389 0.0367 0.0347 0.0327 0.0308 0.0290 0.0273 0.0257 0.0241 0.02270.0213 0.0200 0.0187 0.0175 0.0164 0.0154 0.0144 0.0134 0.0126
0.0393 0.0371 0.0349 0.0329 0.0309 0.0290 0.0273 0.0256 0.0240 0.0225 0.0210 0.0197 0.0184 0.0172 0.0161 0.0150 0.0140 0.0130 0.0121 0.0113
0.0377 0.0354 0.0333 0.0312 0.0293 0.0274 0.0257 0.0240 0.0224 0.0210 0.0195 0.0182 0.0170 0.0158 0.0147 0.0137 0.0127 0.0118 0.0110 0.0102
Period
3
4.
5
6.
7
8.
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
0.0361 0.0339 0.0317 0.0297 0.0278 0.0259 0.0242 0.0226 0.0210 0.0196 0.0182 0.0169 0.0157 0.0146 0.0135 0.0125 0.0116 0.0107 0.0099 0.0092
0.0347 0.0324 0.0303 0.0283 0.0264 0.0246 0.0229 0.0212 0.0197 0.0183 0.0170 0.0157 0.0145 0.0134 0.0124 0.0114 0.0106 0.0097 0.0090 0.0083
0.0334 0.03110.0290 0.0270 0.0251 0.0233 0.0216 0.0200 0.0185 0.0171 0.0158 0.0146 0.0135 0.0124 0.0114 0.0105 0.0096 0.0089 0.0081 0.0075
0.0321 0.0299 0.0278 0.0258 0.0239 0.0221 0.0204 0.0189 0.0174 0.0160 0.0148 0.0136 0.0125 0.0114 0.0105 0.0096 0.0088 0.0081 0.0074 0.0067
0.0310 0.0287 0.0266 0.0246 0.0228 0.0210 0.0194 0.0178 0.0164 0.0151 0.0138 0.0126 0.0116 0.0106 0.0097 0.0088 0.0081 0.0073 0.0067 0.0061
31
27
28
29
30
0.0299 0.0277 0.0256 0.0236 0.0217 0.0200 0.0184 0.0169 0.0154 0.0141 0.0129 0.0118 0.0108 0.0098 0.0089 0.0081 0.00740.0067 0.0061 0.0055
0.0289 0.0267 0.0246 0.0226 0.0208 0.0190 0.0174 0.0159 0.0146 0.0133 0.0121 0.0110 0.0100 0.0091 0.0082 0.0075 0.0067|0.0061 0.0055 0.0050
0.0279 0.0257 0.0236 0.0217 0.0199 0.0182 0.0166 0.0151 0.0137 0.0125 0.0113 0.0103. 0.0093 0.0084 0.0076 0.0069 0.00620.0056 |0.0050 0.0045
0.0271 0.0248 0.0228 0.0208 0.0190 0.0173 0.0158 0.0143 0.0130 0.0118 0.0106 0.0096 0.0087 0.0078 0.0070 0.0063 0.0057 0.0051 0.0045 0.0041
32
33
34
35
0.0262 0.0240 0.0219 0.0200 0.0182 0.0165 0.0150 0.0136 0.0123 0.0111 0.0100 0.0090 0.0081 0.0072 0.0065 0.0058 0.0052 0.0046 0.0041 0.0037
0.0254 0.0232 0.0212 0.0192 0.0175 0.0158 0.0143 0.0129 0.0116 0.0104 0.0094 0.0084 0.0075 0.0067 0.0060 0.0053 0.0048 0.0042 0.0038 0.0033
36
37
0.0247 0.0225 0.0204 0.0185 0.0167 0.0151 0.0136 0.0122 0.0110 0.0098 0.0088 0.0079 0.0070 0.0062 0.0055 0.0049 0.0044 0.0039 0.0034 0.0030
38
0.0240 0.0218 0.0197 0.0178 0.0161 0.0145 0.0130 0.0116 0.0104 0.0093 0.0083 0.0074 0.0065 0.0058 0.0051 0.0045 0.0040 0.0035 0.0031 0.0027
39
0.0233 0.0211 0.0191 0.0172 0.0154 0.0138 0.0124 0.0111 0.0099 0.0088 0.0078 0.0069 0.0061 0.0054 0.0048 0.0042 0.0037 0.0032 0.0028 0.0025
0.0226 0.0205 0.0184 0.0166 0.0148 0.0133 0.0118 0.0105 0.0093 0.008310.0073 0.0065 0.0057 0.0050 0.0044 0.0039 0.0034 0.0030 0.0026 0.0023
0.0220 0.0199 0.0178 0.0160 0.0143 0.0127 0.0113 0.0100 0.00089 0.0078 0.0069 0.0061 0.0053 0.0047 0.0041 0.0036 0.0031 0.0027 0.0024 0.0020
0.0215 0.0193 0.0173 0.0154 0.0137 0.0122 0.0108 0.0095 0.0084 0.0074 0.0065 0.0057 0.0050 0.0043 0.0038 0.0033 0.0029 0.0025 0.0021 0.0019
0.0209 0.0187 0.0167 0.0149 0.0132 0.0117 0.0103
0.0204 0.0182 0.0162 0.0144 0.0127 0.0112 0.0099 0.0087 0.00760.0066 0.0058 0.0050 0.0043 0.0038 0.0032 0.00280.0024 0.0021 0.0018 0.0015
0.0199 0.0177 0.0157 0.0139 0.0123 0.0108 0.0095 0.0083 0.0072 0.0063 0.0054 0.0047 0.0041 0.0035 0.0030 0.00260.0022 0.0019 0.0016 0.0014
0.0194 0.0172 0.0153 0.0135 0.0118 0.0104 0.0091 0.0079
40
41
42
43
0.0091 0.0080
0.0070 0.0061 0.0053 0.0046 0.0040 0.0035 0.0030 0.0026 0.0023 0.0020 0.0017
44
45
46
0
.0068 0.0059 0.0051 0.0044 0.0038 0.0033 0.0028 0.00240.0020 0.0017 0.0015 0.0013
47
0.0189 0.0168 0.0148 0.0130 0.0114 0.0100 0.0087 0.0075 0.0065 0.0056 0.0048 0.0041 0.0036 0.0030 0.00260.0022 0.0019 0.0016 0.0014 0.0011
0.0185 0.0163 0.0144 0.0126 0.0110 0.0096 0.0083 0.0072 0.00620.0053 0.0046 0.0039 0.0033 0.0028 0.0024 0.0020 0.0017 0.0015 0.0012 0.0010
0.0181 0.0159 0.0140 0.0122 0.0106 0.0092 0.0080 0.0069 0.00590.0050 0.0043 0.0037 0.0031 0.0026 0.0022 0.0019 0.0016 0.0013 0.0011 0.0009
0.0177 0.0155 0.0136 0.0118 0.0103 0.0089 0.0076 0 0066 0.0056 0.0048 0.0041 0.0034 0.0029 |0.0025 0.0021 0.0017 0.0015 0.0012 0.0010 0.0009
48
49
50
MacBook Pro
23
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3
4
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