Suppose you wish to retire at the age of 70 with $70,000 in savings. Determine your monthly payment into an IRA if the APR is 5.5% compounded monthly and you begin making payments at 20 years old. Round your answer to the nearest cent, if necessary.

Q: Find the accumulated amount at the end of 11 months on a $2100 bank deposit paying simple interest…

A: Given, period=11 months Amount= $2100 interest at a rate of 9%/year. To find the accumulated amount…

Q: Find the periodic payment which will amount to a sum of $14000 if an interest rate 8% is compounded…

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Q: Determine the value of an account after 10 years if a principal amount of 11000 was deposited with…

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Q: Find the amount borrowed if $800 is due at the end of 7 months when an annual simple interest rate…

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Q: Find the present value of an annuity necessary to fund withdrawals of $1000 per quarter for 17 years…

A: Formula:P=m[(1+rn)nt-1]rn(1+rn)ntwhere,m→amount withdrawals per quarterr→rate of interestn→number of…

Q: Find the simple interest (in dollars) due on a 31-day loan of $950 if the annual simple interest…

A: The provided information is as follows:The principal amount is .The total number of days is .The…

Q: You borrow $2,000 from Gougo's , a well-known loan consolidation outfit . The loan is an…

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Q: A $ 100 deposit is made into a college fund at the beginning of each month for 10 years. The fund…

A: Consider the given information. The deposit amount is $100. The rate is 9% and the time is 10 years.…

Q: A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the…

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Q: Blake contributed $584 at the end of every 3 months into an RRSP fund earning 3% compounded…

A: The future value is the value of an investment or sum at a specific point in the future, taking into…

Q: Jesse purchases a retirement annuity that will pay him $1,500 at the end of every six months for the…

A: 9years +3 years =12 years r=3.5%t=11n=4 Payment received =1500×2×9+600×12×3=27000+21,600=$48,600

Q: Find the present value of an annuity due that pays $4000 at the beginning of each quarter for the…

A: Consider the given: Quaterly payments=$4000Time=8 yearsNumber of periodic payments,…

Q: A homeowner is using a personal loan to borrow $18,000 to replace the roof. The loan offers the…

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Q: Louie has $825,000 in a retirement annuity that pays 2% compounded quarterly. How much can he…

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Q: You would like to have $25,000 set aside for your child’s college fund in 12 years by making…

A: You would like to have $25,000 set aside for your child’s college fund in 12 years by making…