You want to save $500,000 dollars for retirement in your 401K. Over the next 30 years, How much must you deposit weekly if the annuity is paying 8.35%? What will be your total payments into the annuity over the 30 year period? How much interest did you earn while building your annuity?
You want to save $500,000 dollars for retirement in your 401K. Over the next 30 years, How much must you deposit weekly if the annuity is paying 8.35%? What will be your total payments into the annuity over the 30 year period? How much interest did you earn while building your annuity?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 34P
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Question
You want to save $500,000 dollars for retirement in your 401K. Over the next 30 years,
- How much must you deposit weekly if the
annuity is paying 8.35%? - What will be your total payments into the annuity over the 30 year period?
- How much interest did you earn while building your annuity?
- You retire with $500,000 in your 401K which earns 8.35%. What distribution would you receive monthly if you plan to withdraw funds for the next 25 years?
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