Una Day is planning to retire in 14 years, at which time she hopes to have accumulated enough money to receive an annuity of $17,000 a year for 19 years of retirement. During her pre-retirement period she expects to earn 8 percent annually, while during retirement she expects to earn 10 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $ 7,422
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- Una Day is planning to retire in 11 years, at which time she hopes to have accumulated enough money to receive an annuity of $21,000 a year for 16 years of retirement. During her pre-retirement period she expects to earn 12 percent annually, while during retirement she expects to earn 14 percent annually on her money. What annual contributions to this retirement fund are required for Una to achieve her objective and sleep well at night? (Use a Financial calculator to arrive at the answer. Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Annual contribution $Una Day is planning to retire in 20 years, at which time she hopes to have accumulated enough money to receive an annuity of $35,000 a year for 25 years of retirement. During her pre-retirement period she expects to earn 9 percent annually, while during retirement she expect to earn 11 percent annually on her money. What amount will be needed in 20 years (at time of retirement). What amount of annual contributions to the retirement fund are required for to achieve her objective and sleep well at night? If she currently earns $35,000 a year will this amount be enough in retirement 20 years from now (briefly explain – no calculations are required).Ginger Rogers deposits $3,000 a year into her retirement account. If these funds have an average earning of 8 percent over the 40 years until her retirement, what will be the value of her retirement account?
- Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 4.5%/year compounded monthly, to reach her goal upon retirement 20 years from now? (Round your answer to the nearest cent.Six years ago, Gladys opened a retirement account with an initial deposit of $14,000. Each year since then, she has added $2,000 to the account at the end of each year. She plans on contributing for the next 25 years. How would you determine the future value of her account at retirement? O Future value of a lump sum and future value of an annuity. O Future value of an annuity and the present value of a lump sum. O Future value of a lump sum and present value of an annuity. O Future value of an annuity.Carla Lopez deposits $5, 200 a year into her retirement account. If these funds have an average eaning of 6 percent over the 40 years until her retirement, what will be the value of her retirement account?
- Amy Johnson wants to retire on $75,000 per year for her life expectancy of 20 years after she retires. She estimates that she will be able to earn an interest rate of 10.1%, compounded annually, throughout her lifetime. To reach her retirement goal, Amy will make annual contributions to her account for the next 30 years. One year after making her last deposit, she will receive her first retirement check. How large must her yearly contribution be? (Solve with Presents Values with Annuities or Loans and Amortization)Your friend is celebrating her 35th birthday today and wants to start saving for her anticipated retirement at age 65. She wants to be able to withdraw $130,000 from her savings account on each birthday for 24 years following her retirement, the first withdrawal will be on her 66th birthday. Your friend intends to invest her money at 10.7% interest per year. How much money must she accumulate by the time she retires in order to make these withdrawals? (Round your answer to the nearest dollar)Andrea, a self-employed individual, wishes to accumulate a retirement fund of $400,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 5.5%/year compounded monthly, to reach her goal upon retirement 35 yr from now? (Round your answer to the nearest cent.)
- To help out with her retirement savings, Rachel invests in an ordinary annuity that earns 7.8% interest, compounded annually. Payments will be made at end of each year. How much money does she need to pay into the annuity each year for the annuity to have a total value of $98.000 after 17 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 30 and make the contributions for 10 years. Your twin sister does the same starting at age 45 and makes the contributions for 20 years. Both of you earn 8 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar.Using the Time Value of Money for Retirement Planning. Carla Lopez deposits $3,400 a year into her retirement account. If these funds have an average earning of 9 percent over the 40 years until her retirement, what will be the value of her retirement account?