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?

Q: You have $3,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

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

Q: You have an opportunity to invest in a fund that has a yearly interest rate of 6%. How much should…

A: From the given information, it is observed that FV = $15,000, r = 6%, that is, r =0.06 and t = 3.…

Q: Start working with a savings account with a quarter in it and your boss doubles it each day for…

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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%

Q: If you need $8000 to travel to Europe after you graduate in 4 years.  How much would your monthly…

A: The compound interest formula is,

Q: You have $2,500 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A:

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

A: Given: PMT=$4,500, Rate=4%, Total number of months=15×12=180To find: Amount of deposit per month…

Q: City Wide Delivery Service uses vans costing $24,800 each. How much will the have to invest today to…

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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: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

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: You have $2,000 on a credit card that charges a 21% interest rate. If you want to pay off the credit…

A: The objective of this question is to calculate the monthly payment required to pay off a credit card…