Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
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 $160,000 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.) Each year investment

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 $160,000 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.) Each year investment

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
40 16 17 18 19 20 21 22 23 24 25 26 27 $28 29 30 31 32 33 34 35 36 37 38 39 41 42 43 44 45 46 47 48 49 50 Done< Period 1 2 345678 9 10 11 12 13 14 15 > ezto-cf-media.mheducation.com Sinking fund factor of $1 per period at i% for n periods. 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 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 0.1247 0.1228 0.1210 0.1191 0.1173 0.1156 0.1138 0.1121 0.1104 0.1087 0.1070 0.1054 0.1228 0.1207 0.1186 0.1165 0.1145 0.1125 0.1105 0.1085 0.1066 0.1047 0.1029 0.1010 0.0992 0.0975 0.0957 0.0940 0.0923 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 | 0.0852 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 0.0814 0.0795 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 0.0493 0.0476 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 0.0463 0.0446 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 0.0406 0.0390 0.0374 0.0359 0.0344 0.0330 0.0316 0.0303 0.0290 0.0278 0.0565 0.0543 0.0521 0.0500 0.0479 0.0460 | 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 0.0312 0.0296 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 0.0393 0.0371 0.0349 0.0329 0.0309 0.0411 0.0389 0.0367 0.0347 0.0327 0.0308 0.0290 0.0273 0.0257 0.0241 0.0227 0.0213 0.0200 | 0.0187 | 0.0175 0.0164 0.0154 0.0144 0.0134 0.0126 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 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 0.0311 0.0290 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 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 0.0074 | 0.0067 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 0.0166 0.0151 0.0137 0.0125 0.0113 0.0103 0.0093 0.0084 0.0076 0.0069 0.0062 0.0056 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 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 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 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 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 0.0279 0.0257 0.0236 0.0217 0.0199 0.0182 0.0226 0.0205 0.0184 0.0166 0.0148 0.0133 0.0118 0.0105 0.0093 0.0083 0.0073 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 0.0089 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 0.0091 0.0080 0.0070 0.0061 0.0053 0.0046 0.0040 0.0035 0.0030 0.0026 0.0023 0.0020 0.0017 0.0204 0.0182 0.0162 0.0144 0.0127 0.0112 0.0099 0.0087 0.0076 0.0066 0.0058 0.0050 0.0043 0.0038 0.0032 0.0028 0.0024 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 0.0026 0.0022 0.0019 0.0016 0.0014 0.0194 0.0172 0.0153 0.0135 0.0118 0.0104 0.0091 0.0079 0.0068 0.0059 0.0051 0.0044 0.0038 0.0033 0.0028 0.0024 0.0020 0.0017 0.0015 0.0013 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 0.0026 0.0022 0.0019 0.0016 0.0014 0.0011 0.0185 0.0163 0.0144 0.0126 0.0110 0.0096 0.0083 0.0072 0.0062 0.0053 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 0.0059 0.0050 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
Transcribed Image Text:40 16 17 18 19 20 21 22 23 24 25 26 27 $28 29 30 31 32 33 34 35 36 37 38 39 41 42 43 44 45 46 47 48 49 50 Done< Period 1 2 345678 9 10 11 12 13 14 15 > ezto-cf-media.mheducation.com Sinking fund factor of $1 per period at i% for n periods. 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 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 0.1247 0.1228 0.1210 0.1191 0.1173 0.1156 0.1138 0.1121 0.1104 0.1087 0.1070 0.1054 0.1228 0.1207 0.1186 0.1165 0.1145 0.1125 0.1105 0.1085 0.1066 0.1047 0.1029 0.1010 0.0992 0.0975 0.0957 0.0940 0.0923 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 | 0.0852 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 0.0814 0.0795 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 0.0493 0.0476 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 0.0463 0.0446 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 0.0406 0.0390 0.0374 0.0359 0.0344 0.0330 0.0316 0.0303 0.0290 0.0278 0.0565 0.0543 0.0521 0.0500 0.0479 0.0460 | 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 0.0312 0.0296 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 0.0393 0.0371 0.0349 0.0329 0.0309 0.0411 0.0389 0.0367 0.0347 0.0327 0.0308 0.0290 0.0273 0.0257 0.0241 0.0227 0.0213 0.0200 | 0.0187 | 0.0175 0.0164 0.0154 0.0144 0.0134 0.0126 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 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 0.0311 0.0290 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 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 0.0074 | 0.0067 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 0.0166 0.0151 0.0137 0.0125 0.0113 0.0103 0.0093 0.0084 0.0076 0.0069 0.0062 0.0056 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 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 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 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 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 0.0279 0.0257 0.0236 0.0217 0.0199 0.0182 0.0226 0.0205 0.0184 0.0166 0.0148 0.0133 0.0118 0.0105 0.0093 0.0083 0.0073 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 0.0089 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 0.0091 0.0080 0.0070 0.0061 0.0053 0.0046 0.0040 0.0035 0.0030 0.0026 0.0023 0.0020 0.0017 0.0204 0.0182 0.0162 0.0144 0.0127 0.0112 0.0099 0.0087 0.0076 0.0066 0.0058 0.0050 0.0043 0.0038 0.0032 0.0028 0.0024 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 0.0026 0.0022 0.0019 0.0016 0.0014 0.0194 0.0172 0.0153 0.0135 0.0118 0.0104 0.0091 0.0079 0.0068 0.0059 0.0051 0.0044 0.0038 0.0033 0.0028 0.0024 0.0020 0.0017 0.0015 0.0013 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 0.0026 0.0022 0.0019 0.0016 0.0014 0.0011 0.0185 0.0163 0.0144 0.0126 0.0110 0.0096 0.0083 0.0072 0.0062 0.0053 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 0.0059 0.0050 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
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 $160,000 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.) Each year investment < Prev 7 of 9 7 Next >
Transcribed Image Text: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 $160,000 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.) Each year investment < Prev 7 of 9 7 Next >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS