Jose currently has $12,000.00 saved and plans to make quarterly savings contributions of $9,150.69. His first quarterly savings contribution is expected in 3 months. Jose expects to earn 18.04 percent per year. How many quarterly savings contributions of $9,150.69 does Jose need to make in order to have $138,300.00? O 6.65 payments O 10.48 payments O 10.13 payments O 6.12 payments O the answer cannot be obtained based on the given information

Jose currently has $12,000.00 saved and plans to make quarterly savings contributions of $9,150.69. His first quarterly savings contribution is expected in 3 months. Jose expects to earn 18.04 percent per year. How many quarterly savings contributions of $9,150.69 does Jose need to make in order to have $138,300.00? O 6.65 payments O 10.48 payments O 10.13 payments O 6.12 payments O the answer cannot be obtained based on the given information

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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John already has $19,598 in his savings account. He plans to make contributions of $753.35 at the end of every three months, until he reaches $47,100. The interest rate is 9.12% compounded annually. a) In how many years and months will he reach his goal? Round up to the next month. P/Y = N = He will reach his goal in A year(s) and A month(s). b) After John reaches $47,100, he wants to withdraw $3,700 at the start of each half year. For how many years and months can he make the withdrawals? Round up to the next month. P/Y= A/ N = A He will withdraw for A A/ year(s) and A month(s).
Elizabeth and William want to begin saving for their child's college education. They estimate that they will need $119000 in twenty years. If they can earn 5% per annum, how much must be deposited at the end of each of the next twenty years to fund the education? O $9549 $9282 O $3599 O $3897
John, a 25-year-old teacher, wants to start saving for his retirement. John wants a comfortableretirement, so he needs to have one million dollars in his saving account, which pays 2.4% annualinterest rate, when he reaches 67 years of age.a. How much should John deposit into his saving account monthly now? Round your answer to thenearest cent.b. If John wants the one million dollars in his saving account to last him 20 years into hisretirement, how much could he withdraw from the saving account monthly? You can assume thesaving account will pay the same 2.4% annual interest rate. Round your answer to the nearestcent.c. If John increases his monthly deposit in part (a) by $200, how much will be in his saving accountif he wants to retire at 60 years of age? Round your answer to the nearest cent.
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
Sam invests $100 each month into his retirement account. He wants to determine how much will accumulate in his retirement account if he invests for the next 10 years if he can get a 6% return. How would he do this? Group of answer choices This is a future value of an annuity with a .5% interest rate and 120 payments This is a future value of $1 with an interest rate of 6% and 10 time periods. This is a future value of $1 with an interest rate of .5% and 120 time periods. This is a future value of an annuity with a 6% interest rate and 10 payments
Harry plans to deposit $3,000 at the beginning of each year into a savings account earning 2.75% compounded annually. How much will be in the account after 25 years? Your Answer:
Your brother plans to retire in 15 years. He currently has a deposit of $300,000, and think he will need $1,500,000 at retirement. If he can save and deposit $7,000 at the end of each year in the following 15 years, annual rate of interest must he eam to reach his goal? O a. 11.12% O b.8.52% Ос 7.44% O d. 9.00% O e. 10.13% what
Jonathan is planning to retire on January 1, 2024. his goal is to have enough money in his savings account to be able to withdraw $2,000 per month beginning one month after retirement and continuing for 25 years after retirement. He earns an annual effective rate of interest of 10% on his account. Determine the minimum amount needed in his savings account on January 1, 2024, to accomplish his goal. Possible Answers $235,000 but $255,000
am. 41.
Ira Roth opens up a Roth IRA and places $4,500 in his retirement account at the beginning of each year for 20 years. He believes the account will earn 8 percent interest per year, compounded quarterly. How much will he have in his retirement account in 20 years?
Marc has nothing saved for retirement. He wants to receive $46,000.00 per year for 5 years during retirement. The first of these payments will be received in 7 years. Marc can earn a return of 9.38 percent per year. How much does Marc need to save each year for 6 years to have exactly enough to meet his retirement goal if he makes his first annual savings contribution in 1 year and all savings contributions are equal? O $21,324.88 (plus or minus 10 dollars) O $25,513.05 (plus or minus 10 dollars) O $23,325.15 (plus or minus 10 dollars) O $20,819.31 (plus or minus 10 dollars) O none of the answers are within 10 dollars of the correct answer
Lola Fritola is planning for her retirement by making quarterly payments to an annuity with each payment increasing by 0.4% every quarter. Her first payment is $5,100 and she plans to contribute for the next 10 years. How much will she have in her retirement savings if the money is invested to earn 4.2% compounded quarterly? (Round your final answer to 2 decimal places.) Retirement savings

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