INTERMEDIATE FINANCIAL MGMT.-W/MINDTAP
14th Edition
ISBN: 9780357533598
Author: Brigham
Publisher: CENGAGE L
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Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 73.00. During these years of part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after the day he turns 73.0 when he fully retires, he will begin to make annual withdrawals of $183,008.00 from his retirement account until he turns 94.00. After this final withdrawal, he wants $1.52 million remaining in his account. He he will make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the contributions be? Assume a 6.00% interest rate.
Round to 2 decimal places.
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 71.00. During these years of
part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after
the day he turns 71.0 when he fully retires, he will begin to make annual withdrawals of $177,333.00 from his retirement
account until he turns 94.00. He he will make contributions to his retirement account from his 26th birthday to his 65th
birthday. To reach his goal, what must the contributions be? Assume a 9.00% interest rate.
Submit
Answer format: Currency: Round to: 2 decimal places.
Derek plans to retire on his 65th birthday. However, he plans to work part-time until he turns 72.00. During these years of
part-time work, he will neither make deposits to nor take withdrawals from his retirement account. Exactly one year after
the day he turns 72.0 when he fully retires, he will wants to have $3,104,476.00 in his retirement account. He he will
make contributions to his retirement account from his 26th birthday to his 65th birthday. To reach his goal, what must the
contributions be? Assume a 8.00% interest rate.
Submit
Answer format: Currency: Round to: 2 decimal places.
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