(Retirement Planing) Now you are 22 years old, you want to retire ate age 65. You would like to have $70,000 semiannual payments until you are 103 years old. You inherit as a gift $60,000 at age 38 and $10,000 at the age of 48. Please calculate how much you have to save biweekly to receive $70,000 semiannually by the two following ways use R=8.5 A) Bi weekly payments without a gift B) Bi weekly payment with gift.

(Retirement Planing) Now you are 22 years old, you want to retire ate age 65. You would like to have $70,000 semiannual payments until you are 103 years old. You inherit as a gift $60,000 at age 38 and $10,000 at the age of 48. Please calculate how much you have to save biweekly to receive $70,000 semiannually by the two following ways use R=8.5 A) Bi weekly payments without a gift B) Bi weekly payment with gift.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

See similar textbooks

Similar questions

? You would like to have enough money saved to receive a $53,000 per year perpetuity after retirement. How much would you need to have saved in your retirement fund to achieve this goal? Assume that the perpetuity payments start on the day of your retirement. The annual interest rate is 8 percent. O -00 Multiple Choice $715,500 $1,060,000 $530,000
After retirement, you expect to live for 25 years. You would like to have $91,000 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 $1,472.33173 $893,85474 $2,275,000.00 $101,089.74
You want to retire exactly 35 years from today with $1,990,000 in your retirement account. If you think you can earn an interest rate of 10.23 percent compounded monthly, how much must you deposit each month to fund your retirement? Multiple Choice O O $580.31 $4,738.10 $526.79 $489.69 $493.87
Suppose you plan to retire in 40 years. If you make annual contributions of $12,000 into your retirement account for the first 8 years, and no more contributions to the account for the remaining 32 years. If the retirement account earns a fixed 6% annual interest, how much will you have at your retirement? Question 10 options: $739,166 $766,466 $793,766 $811,766 $829,766 $851,966
You wish to retire 40 years from now. You want OMR 50,000 per year once you retire with the first retirement fund withdrawn one year from the day you retire. You estimate that the interest rate is 6% per year and you will need funds up to and including 25th birthday after retirement Select one: O a. None Ob. 639167.81 O c. 63916.78 O d. 621412.90 O e. 62141.29
You wish to retire 40 years from now. You want OMR 50,000 per year once you retire with the first retirement fund withdrawn one year from the day you retire.You estimate that the interest rate is 6% per year and you will need funds up to and including 25th birthday after retirement Select one: a. None b. 639167.81c. 63916.78d. 621412.90 e. 62141.29
A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 9 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 50?$ How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?$ How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70?
You estimate you'll need $100,000 per year for 25 years starting on your 65th birthday to live on during your retirement. Today is your 50th birthday and you want to make equal deposits into an account paying 9% interest per year, the first deposit today and the last deposit on your 64th birthday. How much must each deposit be? Group of answer choices $49, 380 $33, 455 $66, 909 $ 85, 840
You want to be able to withdraw $40,000 from your account each year for 25 years after you retire. If you expect to retire in 15 years and your account earns 6.6% interest while saving for retirement and 6.2% interest while retired:Round your answers to the nearest cent as needed.a) How much will you need to have when you retire?$b) How much will you need to deposit each month until retirement to achieve your retirement goals?$c) How much did you deposit into you retirement account?$d) How much did you receive in payments during retirement?$e) How much of the money you received was interest?$
A self-employed person deposits $2,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. Use Appendix A and Appendix C to answer the questions. Round your answers to the nearest dollar. a. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 40? $ b. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions? c. How much additional money will be in the account if the saver discontinues the contributions at age 65 but does not retire until age 70? 2$
You have just made your first $5,000 contribution to your retirement account. Assume you earn a return of 10 percent per year and make no additional contributions. What will your account be worth when you retire in 45 years? What if you wait 35 years before contributing? (show answer using function feature in excel)
Subject :- Accounting You have discussed your retirement plans with your significant other and plan to move to a state with a lower cost of living upon retirement. You plan on living off $85,000 annually. You understand that your retirement account will likely yield a 5% return. Using the 4% Rule, how much money do you need in your retirement account upon retirement?(round to the nearest dollar){DO NOT INCLUDE COMMAS OR $}