You want to be able to withdraw $40,000 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?

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A: Given Information:Present value in the credit card is .Rate of interest is .Number of years is 5…

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Q: To save for retirement, you decide to deposit $1000 into an IRA at the end of each year for the next…

A: PMT = 1000N = 30 years Rate = 10%

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Q: Suppose you want to have $300,000 for retirement in 20 years. Your account earns 10% interest. How…

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A: This is a problem related to simple interest calculation. Based on the general formula of simple…

Q: You expect to retire in 30 years. After you retire, you want to be able to withdraw $4,500 from your…

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Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

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Q: Jeff has 5 years to save enough money to pay certain debt in full. During that time, he deposits…

A: If the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount, P…

Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: You want to be able to withdraw $20,000 from your account each year for 20 years after you retire.…

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Q: A mutual fund pays a yearly interest of 3.4%. If you invested $7,000 for 5 years, what is the value…

A: Given, Invested amount=7000$ rate of interest= 3.4% No of years=5  Investment after 5 years =?

Q: want to be able to withdraw $40,000 each year for 20 years. My account earns 4% interest compounded…

A: To determine the amount that needed to invest in the beginning in order to withdraw $40,000 each…