You retired with $1,000,000 and put it into an account that earns 5% interest. If you spend $70,000 per year, how much will you have left (or owe) 25 years from now?
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Accounting how much will you have left 25 years from now?
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- You would like to save $250,000for retirement. If you are planning to retire 30 years from now, how much should you deposit each month into an account that pays 7.2% interest compounded monthly? What is the total interest earned?You want to be able to withdraw $40,000 from your account each year for 25 years after you retire. If you expect to retire in 15 years and your account earns 6.6% interest while saving for retirement and 6.2% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?$You have just made your first $5,000 contribution to your retirement account. Assume youearn a return of 10 percent per year and make no additional contributions.a. What will your account be worth when you retire in 45 years?b. What if you wait 10 years before contributing?c. After calculating parts a and b, what is the lesson learned?
- Suppose that starting at age 25, you make steady contributions to a retirement account (with initial balance 0). What should your yearly contribution be if you want to have a balance of $815,000 after 40 years? Assume your account will earn 7% interest, compounded continuously. (Round your answer to the nearest dollar.)You would like to have $1,000,000 when you retire in 35 years. How much should you invest each quarter if you can earn a rate of 6.1% compounded quarterly?a) How much should you deposit each quarter?$b) How much total money will you put into the account?$c) How much total interest will you earn?$You have $300,000.00 saved in a retirement account paying 4% interest compounded monthly and are ready to start your retirement. You have to figure out how much money you can safely take out of your account every month because you don't want to run out of money before you die.How much money can you take out each month if you expect to live another 25 years? You can safely withdraw $__________ a month for 25 years.
- You want to be able to withdraw $50,000 from your account each year for 25 years after you retire. You expect to retire in 15 years. If your account earns 7% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?You are saving for retirement. You deposit $225 each month at 3.25% annually interest for 25 years. According to your careful calculations, at the end of 25 years, you should have $103,934.31. How much did you contribute, in total to the retirement account? How much total interest did you earn?You want to be able to withdraw $40,000.00 from your account each year for 15 years after you retire.You expect to retire in 20 years.If your account earns 5% interest compounded annually, how much will you need to deposit each year until retirement to achieve your retirement goal?You will need to deposit_$_____ each year.
- You've saved $600,000 for your retirement in an account that has a 8% interest rate, and you plan to withdraw $60,000 each year until the money has run out. How many years will the money last?You want to be able to withdraw $35,000 from your account each year for 25 years after you retire.You expect to retire in 20 years.If your account earns 4% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?$You want to have $2,000,000 in net worth when you retire. To achieve this goal, you plan to invest $1,000 each year (starting one year from now) into an account of time that earns 10% interest rate compounded annually. The amount of time you can retire as a multimillionaire is how many years? 31.94 (32 years) 55.64 (56 years) 25.56 (26 years) 20.36 (20 years) detailed answer without the usage of excel
