Siri plans to retire when her simple annuity savings account has enough money to receive 10000.00 per month for 20 years starting at the end of her first month after her retirement. she starts saving 4420.00 per month. Calculate when should Siri retire from today if her savings account pays 4.9% compounded monthly. Round to the nearest year.

Q: Abby has decided to invest $60 at the end of each month into a retirement plan that has an annual…

A: Computation of the money that will be saved by Abby at the completion of 8 years is shown:

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: Jennifer is planning her retirement. She currently has $6,783 in an IRA account that will return 8%…

A: Deposit = $6783Return = 8%Yearly savings = $2000Return = 7%Years until retirement =32To find: the…

Q: If she starts making deposit amounts in one year and her deposits increase at the inflation rate of…

A: Inflation:  The Wholesale Price Index's (WPI) annual percentage change in value is known as…

Q: Gary decides to set up a retirement fund by depositing $182 at the end of each week for 17 years.…

A: Calculation of Amount at the end of 17 years:To calculate the amount at the end of 17 years, the…

Q: Ava Darling plans to buy a home and can deposit $1,772 per year for the next 5 years.. If the annual…

A: To calculate the future value of Ava Darling's deposits for the down payment, we can use the future…

Q: Your grandparents have their life savings of $750,000 in a savings account that pays 6.7% interest…

A: Step 1 An inflow or outflow amount that happens at each period of a financial stream is known as a…

Q: I want 800000 for retirement in 25 years. How much would she need to deposit into the account each…

A: Future value (FV) = 800,000 Period = 25 Years Number of monthly deposits (n) = 25*12 = 300 Interest…

Q: Currently, Ally Gator has saved $15,000 in her retirement account. Ally plans on saving $6000…

A: Initial amount = $ 15000Annual deposit = $ 6000Number of years = 35Rate during working years=…

Q: Goran plans to set aside money for his young daughter’s college tuition. He will deposit money in an…

A: Given: Future value of annuity = $71,000 Interest = 2.4%

Q: Indira is planning for her retirement. She calculates she will need to withdraw quarterly payments…

A: An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Q: To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 2.4%…

A: We will apply the required formula to calculate the quarterly payment, we will take the future value…

Q: When Jasmine retires she has $950,000 in a retirement account that earns 6% annual interest,…

A: Using PMT function in excel

Q: A 40-year-old woman decides to put funds into a retirement plan. She can save $1,000 a year and earn…

A: We need to calculate the persent value of annuity  by using this formula.    PV of annuity =CF*…

Q: Leon and Heidi decided to invest $3,250 annually for only the first eight years of their marriage.…

A: Solution:-When an equal amount is invested each periodat end of period, it is called ordinary…

Q: A couple is saving for retirement with three different accounts. The table below shows the current…

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

Q: John and Rosamond want to retire in 10 years and can save $170 every three months. They plan to…

A: The Future Value of an Ordinary Annuity refers to the concept which gives out the compounded or…

Q: John and Rosamond want to retire in 10 years and can save $140 every three months. They plan to…

A: Future value refers to the total value of an investment or savings at a specified future date,…

Q: Adele is planning for retirement. She would like to have $75,000 in her hand at the beginning of her…

A: Retirement income refers to the funds and financial resources that an individual or household…

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: 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: Sally has decided to invest $70 at the end of each mouth into a retirement plan that has an annual…

A: Computation:

Q: Shelly deposits the $2000 she got as a birthday gift from her grandmother into an account earning…

A: The company would be considering the value for future through the compounding of interest rates over…

Q: Heather is planning to retire in 7 years. She will then need an income of $1444 at the beginning of…

A: Periodic deposit = 1,444Interest rate = 7.33%Number of years = 25 yearsNumber of years left for…

Q: Adele is planning for retirement. She would like to have $75,000 in her hand at the beginning of her…

A: Retirement means quite simple end of a phase of working for a time of years.This span of retirement…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.