Clair is an Artificial Intelligence engineer who hopes to become a millionaire by her60th birthday, which is 360 months from today. Starting next month, she plans todeposit 15.00% of her monthly salary into an account that will pay interest of 5.00%p.a. How much does she need to make per month to achieve her goal?1) 6,007.752) 8,010.333) 8,563.314) None of the answers in this list is within $10 of the correct answer.5) 1,201.566) 6,705.23

Step 1: State the given: Future Value, F = $1,000,000number of period, m = 12 (monthly)number of…

Answered: Clair is an Artificial Intelligence…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 8E

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Chad is an engineer who hopes to have $1,000,000 in his retirement account by his 60 ^ (th) birthday which is 421 months from today. Starting next month , he plans to deposit 20% of his monthly salary into an account that will pay interest of 5.00% pa How much does he need to make per month ( ie., what salary per month ) to achieve his goal ? Note that he makes 421 total deposits . 1) $4,378.95 2 ) $2,919.30 3 ) None of the answers in this list is within $ 0.20 of the correct answer . 4 ) $ 4,170.32 5 ) $ 3,203.40
12) What annual rate of return would Jia need to earn if she deposits $20,000 per year into an account beginning one year from today in order to have a total of $1,000,000 in 30 years?
Laura has decided that she wants to build enough retirement wealth that, if invested at 6.50% per year (compounded monthly), will provide her with $3,500 of monthly income for 25 years. To date,she has saved nothing, but she still has 30 years until she retires. How much money does Laura need to contribute per month to reach her goal? $468.60 $536.90 $415.65 $573.10 $390.86
Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month deducted automatically from her paycheck. She deposits it into an account that earns 4.5% interest compounded monthly. How much will she have in her account when she retires 42 years later? A. $ 14,922.70 B.$ 50,400.00 C. $132,213.00 D. $149,226.96
6. Suppose that Avery gets a credit card in November, 2023. She spends $4,300 every month on the card, just as she had done with cash and always pays her statement balance in full. She closes the card in October 2025 and makes her final payment in November 2025. If she is able to earn 8.6% interest (compounded annually) in the stock market, how much extra money can she save by using this credit card instead of cash? For simplicity, assume that she faces no capital gains taxes and invests in stocks that offer no dividends.
A young professional wishes to have 790000 in her retirement account. She invests $1000 monthly in the account which earns 8.2% annually. Find the number of payments needed to reach her goal.
Your daughter is born today and you want her to be a millionaire by the time she is 35 years old. You open an investment account that promises to pay 12% per year. How much money must you deposit each year, starting on her 1st birthday and ending on her 35th birthday, so your daughter will have $1,000,000 by her 35th birthday? a. $2,317 b.$3,455 c.$5,777 d.$9,450 e.None of these solutions is correct
Destiny invests $20,000 today into a retirement account. She expects to earn 7 percent, compounded annually, on her money for the next 30 years. After that, she wants to be more conservative, so only expects to earn 4 percent, compounded annually. How much money will she have in her account when she retires 40 years from now, assuming this is the only deposit he makes into the account? O $225,359.94 O $152.245.10 O $377,605.04 $299,489.16 O None of the answers is correct
Starling wants to retire with $2, 110,000 in his retirement account exactly 41 years from today. He will make annual deposits at the end of each year to fund his retirement account. If he can earn 9.73 percent per year, how much must he deposit each year? ** PLS EXPLAIN HOW TO SOLVE USING A FINANCIAL CALCULATOR
Leon would like to have a retirement income of $3,000 per month (beginning of month payments). How much must he have in his retirement fund on the day that he retires if he plans to live for 27 years? Assume that the account will earn j12=3.6%. Your Answer: Answer
6. If you desire to have $80,000 for a down payment for a house in 7 years, what amount would you need to deposit each year for these 7 years? Assume that your money will earn 10 percent per year. 7. Kate deposits $9,900 each yearinto her retirement account. If these funds have an average earning of 11 percent over the 40 years until her retirement, what will be the value of her retirement account?
Jane wants to retire with $2,000,000 in her retirement account exactly 35 years from today. If she thinks she can earn an interest rate of 10. percent compounded monthly, how much must she deposit each month to fund her retirement? $432.83 O $493,32 O $526.78 $582.32

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