Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? Question 7Answer a. $40,000 b. $24,012 c. $200,204 d. $752,952
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Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life?
Question 7Answer
$40,000
$24,012
$200,204
$752,952
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- Assume your goal in life is to retire with one million dollars. How much would you need to save at the end of each year if interest rates average 4% and you have a 25-year work life? a. $752,952 b. $200,204 c. $40,000 d. $24,012Assume your goal in life is to retire with four million dollars. How much would you need to save at the end of each year if interest rates average 6% and you have a 20−year work life? A. $1,247,219 B. $108,737 C. $400,000 D. $12,000Assume your goal in life is to retire with $2,500,000. How much would you need to save at the end of each year if interest rates average 8% and you have a 15−year work life? (Round the final answer to the nearest whole dollar.) A. $92,074 B. $13,333 C. $788,104 D. $333,333
- Assume your goal in life is to retire with $3,200,000.How much would you need to save at the end of each year if interest rates average 4%and you have a 30−year work life? (Round the final answer to the nearest whole dollar.) A. $213,333 B. $4,267 C. $986,620 D. $57,056You would like to retire in 50 years, as a millionaire. If you have $20 000 today what rate of return do you need to earn to achieve your goal? Select one: a. 8.41% b. 8.14% c. Cannot be calculated d. 8.00%You're looking forward to retiring in a few years, and you hope that you will have enough in your retirement account to provide you with $1,700 per month for 20 years. Assuming a return of 4.15%, how much do you need in your account when you retire? Group of answer choices $406,589.00 $276,912.00 $391,742.68 $634,138.80
- After retirement, you expect to live for 25 years. You would like to have $90,000 in income each year. How much should you have saved in your retirement account to receive this income if the annual interest rate is 9 percent per year? (Assume that the payments start one year after your retirement.) Multiple Choice $884,032.16 $99.986.08 $2,250,000.00 $1,456,153.94Suppose you are 20 years old today and want to have OMR 500000 saved by the time you reach 30 years. If you receive 5% interest on your money how much would you have to invest to reach your goal? Select one: O a. 317428.50 O b. 306959.63 O c. None O d. 594620.15 e. 628520.756. You have saved $1,000,000, and have thus decided to retire. You have moved all of your money into a safe account which you expect will earn you approximately 6% per year during your retirement years. Find how much money will you can receive (pay to yourself out of the account) each month if you plan to have this money last you each of the time intervals below. (6a) 15 years (6b) 20 years (6c) 30 years (6d) What is your annual income in each of those cases?
- You want to retire in 25 years. You currently have $200,000 saved and you believe you need $1,200,000 at retirement. What annual interest rate will you need to earn to meet your goal? A Moving to another question will save this response. < Question 3 of 25 7:37 P ch 4/4/20 |查You want to retire with $400 000 in the bank and you are able to earn 6% compounded quarterly for the next 25 years. How much money do you have to invest today in order to achieve your goal? Select one: a. $90 251.77 b. $90 201.77 c. $90 001.78 d. $90 251.78 e. $90 001.771On the day you retire you have $500,000 saved. You expect to live another 30 years during which time you expect to earn 8% on your savings while inflation averages 3.5% annually. Assume you want to spend the same amount each year in real terms and die on the day you spend your last dime. What real amount will you be able to spend each year? a. $61,931.78 b. $79,211.09 c. $79,644.58 d. $30,695.77 2Now consider your financial objective is to save $500,000 for preparing your retirement, assuming 30 years from now. If you invest your RRSP savings in a mutual fund which can realize an average return of 10% per year. To achieve your goal, how much do you need to save at the end of each year over the 30-year period? a. 4,039.26 b. 3,039.62 c. 2,985.54 d. 10,988.32 3What is the FV of $100 deposited today into an account with an APR 12.6%, compounded semiannually for 10 years? a. 1478.96 b. 3460.06 c. 327.63 d. 339.36