Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each year for the next 10 years. How much will she have in the account in 10 years, if the account averages a 7% annual return? Submit Question %24

Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each year for the next 10 years. How much will she have in the account in 10 years, if the account averages a 7% annual return? Submit Question %24

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: Benjamin Franklin invested $2 in 1776 into an account that has a 12% interest rate,in what year will…

A: It is simple interest problem

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 9% interest. How…

Q: Suppose you save $5 each week. If you continue saving for 5 years, how much will you have saved

A: Since we know that normally there are 52 weeks in a year. so in 5 years = 52*5…

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 10% interest. How…

A: It is given that, the future value is FV = $400,000, n=25×12=300, and r=10%=0.112 since each month…

Q: If you make an investment of $5,000 and the investment earns an annual interest rate of 4.9%, in how…

A: Topic = Algebra

Q: You know you will have $1,000,000 in your account when you retire. You want to be able to take…

Q: You deposit $1000, and it grows to $1,500 in 5 years. What is your annual return?

Q: Suppose you’d like to save enough money to pay cash for your next used car. The goal is to save an…

A: Given that, to save an extra $8000 over the next three years.To find the amount of monthly payments…

Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given invested amount = $ 8,000 intrest rate = 6% per year

Q: Megan has $50,000 in her college fund that earns 6.4% compounded quarterly. She would like to make…

A: Given: Megan has $50,000 in her college fund that earns 6.4% compounded quarterly. She would like to…

Q: Suppose car prices rise at a 3.2% annual rate for the next 18 years. If a car costs $23,000 today,…

A: We want to find cost of car after 18 years from now

Q: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

Q: You inherited a house worth $650,000 today. If the value increases by 4% each year, what would the…

A: given: we inherited a house worth $650,000 today. If the value increases by 4% each year, we have to…

Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 5% interest. how…

Q: Suppose you want to save in order to purchase a new boat. Take the APR to be 9.2%. You want to have…

Q: If Jessica borrows $4,500 at 6 7/8% simple interest for 4 years, how much interest will she pay?…

Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

A: The objective of this question is to find out how much money needs to be deposited each month in an…

Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

Q: Assume that a car loses 10% of the value it had at the beginning of the year. Find its value at the…

A: Given the initial value of the car at the start of the year is $30,000. The car loses 10% of the…

Q: After retiring, you want to be able to take $1000 a month for a total of 15 years from your…

Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

Q: You have 300,000 saved for retirement. Your account earns 4% interest. How much will you be able to…

A: Given that, You have 300,000 saved for retirement. Your account earns 4% interest. We need to find…

Q: Kyler isn't getting any younger! He decides it's time to start saving for his future and deposits…

A: TOTAL AMOUNT ACCUMULATED = 160811.43 TOTAL AMOUNT CONTRIBUTED = 225 X 25 X 12 = 67500

Q: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 6% interest. How…

A: Suppose you want to have $500,000 for retirement in 30 years. Future ValueFV= $500000Time t=30…

Q: A youth sports league receives a $30,000 donation for building a new snack bar and office building.…

A: A=P1+rnntFor quarterly, n=4

Q: Suppose you want to have $500,000 for retirement in 35 years. Your account earns 8% interest. How…

Q: Sophia invests $12,350 in an account that earns 4.5% annual simple interest. Assuming she makes no…

Question

%24
Francine currently has $70,000 in her 401k account at work, and plans to contribute $8,000 each
year for the next 10 years. How much will she have in the account in 10 years, if the account
averages a 7% annual return?
Submit Question
O Type here to search
a.
# 直 o
dy
esc
f4
f6
米
gej
caps lock

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 10 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A store shows a net profit of $65,250 for the year. If the store profit increases by 3.75% per year for the next 15 years what will the net profit be at that point?
You take a job that pays $23,000 annually. If you received a 5% pay raise each year, what would your annual pay be in 11 years? Show all work
If you invest $6,000 in an account that pays 15 percent simple interest per year, how long before the amount in the account doubles? Find the doubling time for this investment. Round the nearest hundredth.
You have $300,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?$
Warren opens a savings account, with the goal of saving $25,000 by making deposits each month for the next 10 years. If the account pays 5.5% interest, how much should Warren deposit each month?
You have $300,000 saved for retirement. Your account earns 10% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?
You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years?
A certain vehicle loses 10.4% of its value each year. If the vehicle has an initial value of $20800, construct a model that represents the value of the vehicle after a certain number of years. Use your model to compute the value of the vehicle at the end of 9 years.(Express your answer in dollars rounded correctly to the nearest cent.) $