Please don't use Ai solution Felicity wants to retire in 25 years. She just started working at a new company, and she rolledover her 401(k) to her new employer (currently valued at $450,000). She wants to save a totalof $1,300,000 for retirement. So far, her investments have averaged 8% per year. How muchmust she contribute from each biweekly paycheck (assume 52 weeks per year)?Group of answer choices$971$974$2,231$937

Step 1: Use the Future Value Formula The future value (FV) of an investment is given by:…

Answered: Felicity wants to retire in 25 years.…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter17: Retirement And Estate Planning

Section: Chapter Questions

Problem 4FPC

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Similar questions

Emily is trying to decide between investing $1,000 or $1,500 at the beginning of each year for the next 40 years into a retirement account yielding 10.78%. After 40 years, how much extra money will Emily have in her IRA if she invests $1,500 annually instead of $1,000 annually? $4,016,726.94 B) $4,052,810.53 $273,849.26 $30,020.95
What does Shelley need to save monthly to make sure she is on track to reach her retirement goal of having $440,000 saved by the time she reaches age 65? She is 48 years old, has been contributing $400 per month and has $180, 000 in her RRSP. Assume she will make an annual return of seven percent. Select one: a. $1275 b. $336 c. $681 d. $1133
b. Jamie wants to have $2,000,000 for her retirement in 25 years. How much should she save annually if she thinks she can earn 8% on her investments?
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
vnt.2 Debbie is 22. She wants to invest part of her monthly salary in order to have $760,000 when she retires at 66. Suppose that she invests the money in a fund paying interest at an annual rate of 5.4%, compounded continuously. Assume a continuous money flow, then Debbie needs to invest $ _______ per month. (Round the answer to an integer at the last step.)
•Edith plans to retire in 25 years, and she wants to withdraw $200,000 per year for 35 years. Her account earns 6 percent compounded annually. How much must she save each year to meet her retirement objective? answer is 52,851.09 if possible , please use BAII plus calculator
How much money does Suzie need to have in her retirement savings account today if she wishes to withdraw $25,000 a year for 3 years? She expects to earn an average rate of return of 13 percent. A. $59,028.81 OB. $65,419.81 OC. $71,533.33 OD. $85,160.98 E. $87,391.34
F2
Dd.
Carol wants to have $13,000 when she turns 30. Right now, she's 23 (7 years difference). She has $5,500 that she can invest in a mutual fund. If she leaves the money in this account for the full 7 years and it earns 12.5%, compounding quarterly, how much will be in the account? Group of answer choices $13,134.24 $13,018.28 $10,312.50 $2,323.66 Please answer using an excel formula.
a couple has 25,000 in their retirement savings today. How many years do they have to save at 6%, putting in 1,000 at the begining of each year to achieve 80,000
27. A couple thinking about retirement decide to put aside $3,000 each year in a savings plan that earns 8% interest. In 5 years they will receive a gift of $10,000, which can also be invested. a. How much money will they have accumulated 30 years from now? (Round your answer to the nearest cent.) b. If their goal is to retire with $800,000 of savings, how much extra do they need to save every year? (Round your answer to the nearest cent.)

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