B. He has decided he wants to save $1,000,000 before he retires. If he saves for 30 years, earning 6%, how much must he save each month to retire with a million dollars after 30 years?
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B. He has decided he wants to save $1,000,000 before he retires. If he saves for 30 years, earning 6%, how much must he save each month to retire with a million dollars after 30 years?
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- Ian would like to save $1,500,000 by the time he retires in 40 years. If he believes that he can achieve a 7% rate of return, how much does he need to deposit each year to archieve his goal?Dan would like to save $2,000,000 by the time he retires in 40 years and believes he can earn an annual return of 8%. How much does he need to invest today to achieve his goal?Your parents will retire in 29 years. They currently have $240,000 saved, 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. _____%
- 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?Happy birthday! You are 30 years old today. You want to retire at age 60. You want to have $2, 900, 000 at retirement. Realistically, you know that the most that you can save from your 31st birthday until your 50th is $6, 250 per year (you only save on your birthdays!). How much do you have to save each year from your 51st to your 60th birthday in order to achieve your retirement goal if you can earn 6.5% on your savings?You want to retire in 20 years. You currently have $200,000, and think you will need $1.5 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don’t save any additional funds? What annual interest rate must you earn if you can contribute an additional $5,000 per year? What annual interest rate must you earn if you can contribute an additional $15,000 per year? You want to retire in 30 years. You currently have $500,000, and think you will need $2.5 million at retirement. What annual interest rate must you earn to reach your goal, assuming you don’t save any additional funds? What annual interest rate must you earn if you can contribute an additional $7,500 per year? What annual interest rate must you earn if you can contribute an additional $13,000 per year?
- Mr. Fish wants to build a house in 10 years. He estimates that the total cost will be $170,000. If he can put aside $10,000 at the end of each year, what rate of return must he earn in order to have the amount needed? O Between 11% and 12% O Between 8% and 17% O None of these 9%Jamie wants to have $1,000,000 for her retirement in 25 years. How much should she save annually if she thinks she can earn 10% on her investments?b. Jamie wants to have $2,000,000 for her retirement in 25 years. How much should she save annually if she thinks she can earn 8% on her investments?
- Willie would like to have $500,000 set aside at retirement. He would like to make annual deposits into his retirement fund, and expects to retire in 30 years. In order to meet his goal, how much must he deposit each year if he can earn a 6% return? N =_____ I/YR =_____ PV =________ PMT =_________ FV = ____________A 20-year old woman wants to retire as a millionaire by the time she turns 50. How much will she have to save at the end of each year if she can earn 5% compounded annually, to have $100,000 by the time she is 50?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?
