Your parents will retire in 19 years. They currently have $350,000 saved, and they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?
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- Your parents will retire in 18 years. They currently have $250,000 saved, and they think they will need $1,000,000 at retirement. What annual intrest rate must they earn to reach their goal, assuming they don't save any additional funds?Your parents will retire in 18 years. They currently have $250,000, and they think they will need $1,000,000 at retirement. What anual interested rate must they earnto reach their goal, assuming they dont save any additional funds?Your parents are planning to retire in 20 years. They currently have $1,000,000 and they would like to have $5,000,000 when they retire. What annual rate of interest would they have to earn on their $1,000,000 to reach their goal, assuming they save no more money?
- Your parents will retire in 19 years. They currently have $200,000 saved, and they think they will need $1,500,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.Finding the Required Interest Rate * please show formula and steps. Problem: Your parents will retire in 19 years. They currently have $350,000 saved, and they think they will need $800,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they do not save any additional funds?Finding the required interest rate Your parents will retire in 29 years. They currently have $400,000, and they think they will need $1,100,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
- You believe you will need to have saved $480,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $115,000 in 5 years. a) If the interest rate is 6% per year, what is the future value of your inheritance at retirement? b) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?Monica has decided that she wants to build enough retirement wealth, if invested at 10 percent per year, to provide her with $4,000 c monthly income for 20 years. To date, she has saved nothing, but she still has 25 years until she retires. How much money does she need to contribute per month to reach her goal? First compute how much money she will need at retirement, then compute the monthly contribution to reach that goal. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Contribution per monthYou believe you will need to have saved $593,000 by the time you retire in 30 years in order to live comfortably. You also believe that you will inherit $113,000 in 5 years. 1) If the interest rate is 7% per year, what is the future value of your inheritance at retirement? 2) How much additional money must you save to meet your retirement goal, assuming you save your entire inheritance?
- An individual is currently 30 years old, wants to work until the age of 65 and plans on dying at the age of 85. How much will the individual need to have saved by the time he or she is 65 if he or she plans on spending $40,000 per year while retired? You can assume the individual can earn an interest rate of 5.0% and the $40,000 is in addition to any Social Security that may be receivedYou have estimated your future retirement income needs and, after taking Social Security into account, you have determined that you will have an pretax income shortfall of $100,000 in your first year of retirement at age 65. How much will you need to have saved by then, assuming you want to have your retirement income increase with inflation, but are willing to spend down your principal over time? Assume that you will live for 40 years in retirement, inflation will average 3% and you can earn 7% on your investments. (Hint: Use the inflation - adjusted annuity equation). You have estimated your future retirement income needs and, after taking Social Security into account, you have determined that you will have an pretax income shortfall of $100,000 in your first year of retirement at age 65. How much will you need to have saved by then, assuming you want to have your retirement income increase with inflation, but are willing to spend down your principal over time? Assume that you will…Monica has decided that she wants to build enough retirement wealth that, if invested at 9 percent per year, will provide her with $4,800 of monthly income for 20 years. To date, she has saved nothing, but she still has 25 years until she retires. How much money does she need to contribute per month to reach her goal? First compute how much money she will need at retirement, then compute the monthly contribution to reach that goal. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Contribution per month mane