I am looking ahead to my retirement and want to be able to retire at 70 and hope to live to 95 and make $3200 a month from an account compounding monthly at 4.5%. I am currently 27 and I am going to deposit $1000 at the beginning of each quarter until I am 70 in an account that pays 8.5% and is compounded quarterly. Will I have enough to make it happen and by how much am I above or below?

Q: Tracy wants to have $400,000 when she retires in 40 years' time. How much should she deposit at the…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: Aylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos…

A: Quarterly payment (Q) = 15000 pesos n = 25 years = 100 quarters Interest rate = 10.5%

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Q: Your friend waited until her 40th birthday to begin saving for retirement. She places $2,400 per…

A: Future value can be calculated using FV (rate, nper, pmt, [Pv], [type]) Rate The interest rate Nper…

Q: To start saving for retirement, Michelle opens an RRSP that earns interest at a rate of 4.4%…

A: Given, Quarterly payment is $580 Number of years is 12 Rate is 4.4% compounded quarterly.

Q: Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much…

A: Use the formula for present value of an annuity to calculate the monthly deposit required: PV = PMT…

Q: 11. Zoe has been depositing $900 every month into her retirement account for 35 years. The annual…

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Q: Starting on the day he retires, Bob wants to receive payments of $10,000 at the beginning of each…

A: Present value of the amount is the worth of that amount in current times that is expected to be…

Q: You want to start funding your retirement. You plan to do this by making 60 semi-annual deposits of…

A: Retirement planning is the planning for income required to earn living after retirement. It includes…

Q: Assume that today is January 1, 2022, and that you just turned 25 years old. You plan to retire when…

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Q: Sherry has a goal of retiring with $375,394 by making weekly deposits into an investment account…

A: Present value =Future amount/(1+r)n n=29 years  r=rate of interest =1.4%

Q: Joe Doe is currently 65 years of age. He is currently drawing $20,000 a yearout of his IRA. He…

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Q: Amy plans on putting $75 at the beginning of each month into a retirement savings account for the…

A: The annuity is the series of payments for certain period of time. It will provide the future value…

Q: Today you turn 25. At the age of 60 you want to retire with $3 million in your retirement account.…

A: Future value of annuity = C x [( 1 +r)n-1 / r ]Future value of annuity= 3x106 =…

Q: andré is looking ahead to his retirement. He wants to have $580,000 in his savings account when he…

A: The present value is the value of the sum received at time 0. It is the current value of the sum…

Q: Edgar wants to have $600,000 in his retirement account in thirty years.if he begins with a single…

A: Paying someone or something, or being compensated, is an event or a procedure.

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Q: A 25 years old Engineer wants to retire at age 65 with $1,000,000 in his 401k account. If his  401K…

A: A monthly deposit of a fixed amount at equal intervals for a fixed period of time is a type of…

Q: ylene is preparing for an income fund for her retirement. She wants to receive 15,000 pesos…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average…

A: Annual deposit=$5200Period=n=40 yearsInterest rate=r=6%Calculate future value.

Q: I am 25 years of age.

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Q: 1.I plan to deposit $376 into my retirement every year for the next 25 years. The first deposit will…

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Q: A 40 year old woman puts $1500 in a retirement account at the end of each quarter through 20 years…

A: Time Value of Money states that a dollar earned today is more valuable than any time in the future,…

Q: Jane makes regular (end of term) deposits into her RRSP (Registered Retirement Savings Plan) that…

A: The concept of the time value of money(TVM) is working on the purchasing power capacity of money…

Q: You are trying to calculate how much money you should have at retirement. On your 60th birthday you…

A: Annuity refers to a stream of constant cash flows occurring at fixed intervals like monthly,…

Q: Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: You begin making contributions to a new retirement account on your thirtieth birthday. You make a…

A: Calculate the future value at the end 64 years as follows:

Q: I want to be able to withdraw $4,200 each month for 30 years. My account earns 7% interest. How much…

A: Present value of annuity formula will be used to calculate the amount required at beginning to…

Q: You plan to retire 28 years later. Your account currently has $20,000 that you will leave aside for…

A: To solve this problem, we need to understand that it involves two parts: the growth of the initial…

Q: Use five decimal places for the periodic interest rate in your calculations. a.  How much has Nick…

A: We can determine the accumulated amount in the fund by using a FV of ordinary annuity formula. FV =…

Q: Jane wants to retire with $2,000,000 in her retirement account exactly 35 years from today. If she…

A: Compound = Monthly = 12Future Value = fv = $2,000,000Time = t = 35 * 12 = 420Interest Rate = r = 10…

Q: Alyssa has $800,000 saved for retirement in an account earning 2.2% interest, compounded quarterly.…

A: The Present Value of Ordinary Annuity refers to the concept which gives out the discounted or…

Q: John and Rosamond want to retire in 5 years and can save $140 every three months. They plan to…

A: Future value is a financial concept that is crucial to understanding the satisfaction of income over…

Q: A couple wants to retire in 35 years and can save $400 every month. They plan to deposit the money…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Your friend waited until her 40th birthday to begin saving for retirement. She places $2,400 per…

A: Time value of money :— It means that value of money in present day is more than the value of same…

Q: Round all answers to the nearest cent. 1. Chris is 33 years old. He wants to retire when he is 60.…

A: We will have to use the concept of time value of money. As per the concept of time value of money…

Q: our company’s pension plan earns 4.3 % interest per year, compounded quarterly.      a)  You…

A: In the first part, the Present Value of the payments is to be computed. In the second part , the…

Q: Sara wants to make a deposit now into an account that earns 3% annually so that she will be able to…

A: Annual withdrawal (C) = $125Interest rate (r) = 0.03Period (n) = 5 YearsAmount need to deposit today…

Q: I will invest $500 per month at the beginning of each month for my retirement at 7.3% compounding…

A: The given problem can be solved using FV function in excel. FV function computes amount required in…

Q: Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month…

A: The account value at retirement can be calculated with the help of future value of annuity function.