You are saving for retirement. To live comfortably, you decide you will need to save $ 1,800,000 by the time you are 65. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 12 %, how much must you set aside each year to make sure that you will have $1,800,000 in the account on your 65th birthday ?
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- You are saving for retirement. To live comfortably, you decide that you will need $2.5 million by the time you are 65. Today is your 30th birthday, and you decide, starting today, and on every birthday up to and including your 65th birthday, that you will deposit the same amount into your savings account. Assuming the interest rate is 5%, the amount that you must set aside each year on your birthday is closest to: O $71,430. O $26,260. O $26,100. O $27,680.You are saving for retirement. To live comfortably, you decide you will need to save $1 million by the time you are 65. Today is your 31st birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, how much must you set aside each year to make sure that you will have $1 million in the account on your 65th birthday? $0 The amount to deposit each year is $ (Round to the nearest dollar.) et more help Clear allYou are saving for retirement. To live comfortably, you decide you will need to save $1,800,000 by the time you are age 67. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 67th birthday, that you will put the same amount into a savings account. If the interest rate is 9%, you set aside $6,368.76 each year to make sure that you will have $1,800,000 in the account on your 67th birthday. You realize that your plan has a flaw. Because your income will increase over your lifetime, it would be more realistic to save less now and more later. Instead of putting the same amount aside each year, you decide to let the amount that you set aside grow by 7% per year. Under this plan, how much will you put into the account today? (Recall that you are planning to make the first contribution to the account today.) The first payment is $ (Round to the nearest cent.)
- You are saving for retirement. To live comfortably, you decide you will need to save $1 million by the time you are 65. Today is your 22nd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 4%, how much must you set aside each year to make sure that you will have $1 million in the account on your 65th birthday?You are saving for retirement. To live comfortably, you decide you will need to save $3,000,000 by the time you are 65. Today is your 30th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 6%, how much must you set aside each year to make sure that you will have $3,000,000 in the account on your 65th birthday? The amount to deposit each year is $ (Round to the nearest cent.)You are saving for retirement. To live comfortably, you decide you will need to save $2,500,000 by the time you are 65. Today is your 32nd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 7%, how much must you set aside each year to make sure that you will have $ 2,500,000 in the account on your 65th birthday? The amount to deposit each year must be $
- You are saving for retirement. To live comfortably, you decide you will need to save $2,500,000 by the time you are 65. Today is your 23rd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 6%, how much must you set aside each year to make sure that you will have $2,500,000 in the account on your 65th birthday? The amount to deposit each year must be $ (Round to the nearest cent.)You are saving for retirement. To live comfortably, you decide you will need to save $3,000,000 by the time you are 65. Today is your 29th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 10%, how much must you set aside each year to make sure that you will have $3,000,000 in the account on your 65th birthday?You are saving for retirement. To live comfortably, you decide you will need to save $3 Million by the time you are 65. Today is your 22nd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 8%, how much must you set aside each year to make sure that you will have $3 Million in the account on your 65th birthday? The amount to deposit each year is _________ (Round to the nearest dollar.)
- You are saving for retirement. To live comfortably, you decide you will need to save $4 million by the time you are 65. Today is your 22nd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 6%, how much must you set aside each year to make sure that you will have $4 million in the account on your 65th birthday? The amount to deposit each year is $_________________ (Round to the nearest dollar.)You are saving for retirement. To live comfortably, you decide you will need to save $4,000,000 by the time you are 65. Today is your 29th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 5%, how much must you set aside each year to make sure that you will have $4,000,000 in the account on your 65th birthday?You are saving for retirement. To live comfortably, you decide you will need to save $3,000,000 in your RRSP by the time you are 65. Today is your 26th birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into an RRSP account. If the interest rate is 3%, you set aside $39,787 each year to make sure that you will have $3,000,000 in the RRSP account on your 65th birthday. You realize that your plan has a flaw. Because your income will increase over your lifetime, it would be more realistic to save less now and more later. Instead of putting the same amount aside each year, you decide to let the amount that you set aside grow by 5% per year. Under this plan, how much will you put into the RRSP account today? (Recall that you are planning to make the first contribution to the RRSP account today.) The first payment is $ (Round to the nearest dollar.)