Daniel Jackson is 30 years and wants to retire when he is 65. So far he has saved (1) $6,730 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,590 in a money market account in which he is earning 5.25 percent annually. Daniel wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 9.83 percent annually. How much will Daniel have to invest every year to achieve his savings goal? (Round answer to 2 decimal places, e.g. 15.25.) Daniel will have to save
Daniel Jackson is 30 years and wants to retire when he is 65. So far he has saved (1) $6,730 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,590 in a money market account in which he is earning 5.25 percent annually. Daniel wants to have $1 million when he retires. Starting next year, he plans to invest the same amount of money every year until he retires in a mutual fund in which he expects to earn 9.83 percent annually. How much will Daniel have to invest every year to achieve his savings goal? (Round answer to 2 decimal places, e.g. 15.25.) Daniel will have to save
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Daniel Jackson is 30 years and wants to retire when he is 65. So far he has saved (1) $6,730 in an IRA account in which his money is earning 8.3 percent annually and (2) $5,590 in a
| Daniel will have to save | $ |
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