Your parents will retire in 24 years. They currently have $400,000 saved, and they think they will need $1,400,000 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.
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Your parents will retire in 24 years. They currently have $400,000 saved, and they think they will need $1,400,000 at retirement. What annual interest rate must they earn to reach
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- Your parents will retire in 29 years. They currently have $250,000 saved, and they think they will need $2,250,000 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 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.Finding the required interest rate: Your parents will retire in 19 years. They currently have $350,000 saved; 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?
- Your parents will retire in 29 years. They currently have $250,000 saved, and they think they will need $2,250,000 at retirement. What annual interest 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 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 million at retirement. What annual interest 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 will retire in 19 years. They currentlyhave $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?A couple will retire in 50 years; they plan to spend about $38,000 a year in retirement, which should last about 25 years. They believe that they can earn 9% interest on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $68,000 on their child’s college education? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
- A couple will retire in 50 years; they plan to spend about $32,000 a year (in current dollars) in retirement, which should last about 25 years. They believe that they can earn a real interest rate of 9% on retirement savings. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $62,000 on their child's college education? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.A couple will retire in 50 years; they plan to spend about $24,000 a year (in current dollars) in retirement, which should last about 25 years. They believe that they can earn a real interest rate of 7% on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Annual savings 687.99 b. How would the answer to part (a) change if the couple also realize that in 20 years they will need to spend $54,000 on their child's college education? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Annual savings 1,699.14A couple will retire in 40 years; they plan to spend about $33,000 a year in retirement, which should last about 20 years. They believe that they can earn 8% interest on retirement savings. a. If they make annual payments into a savings plan, how much will they need to save each year? Assume the first payment comes in 1 year. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. How would the answer to part (a) change if the couple also realize that in 15 years they will need to spend $63,000 on their child’s college education?
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