Dallas plans to save $42,000.00 per year for 5 years, with his first annual savings contribution expected later today. He then plans to withdraw $53,121.05 peryear for as long as he can. Dallas expects to earn 9.95 percent per year. How many payments of $53,121.05 can Dallas expect to receive if his first annualpayment of $53,121.05 is received in 5 years?6.89 payments6.04 payments7.90 payments4.78 paymentsthe answer cannot be obtained based on the given information

Dallas plans to save $42,000 per year for 5 years, with his first annual savings contribution…

Answered: Dallas plans to save $42,000.00 per…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 35P

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How many payments can Gabriel expect to receive in retirement? He expects to earn 7.04 percent in his retirement account. He plans to save $22,600.00 per year in his retirement account for 5 years, with his first savings contribution to his retirement account expected today. In retirement, Gabriel plans to withdraw $30,500.00 per year for as long as he can, with his first retirement payment received in 5 years.(Round the value to decimal places)
Mitchell plans to retire in 3 years with $518,000.00 in his account. If he receives payments of $121,890.95 per year and he receives his first $121,890.95 payment in 3 years and his last $121,890.95 payment in 7 years, then what is the expected annual return for his account? 5.68% (plus or minus 1 bps) 16.32% (plus or minus 1 bps) 8.86% (plus or minus 1 bps) 10.84% (plus or minus 1 bps) none of the answers are within 1 bps of the correct answer
John already has $19,598 in his savings account. He plans to make contributions of $753.35 at the end of every three months, until he reaches $47,100. The interest rate is 9.12% compounded annually. a) In how many years and months will he reach his goal? Round up to the next month. P/Y = N = He will reach his goal in A year(s) and A month(s). b) After John reaches $47,100, he wants to withdraw $3,700 at the start of each half year. For how many years and months can he make the withdrawals? Round up to the next month. P/Y= A/ N = A He will withdraw for A A/ year(s) and A month(s).
Christopher plans to make regular savings contributions of $4,090.00 per year for 9 years. His first regular savings contribution is expected in 1 year. In addition, he plans to make a special savings contribution of $10,470.00 in 5 years. Christopher expects to earn 13.96 percent per year. How much money does Christopher expect to have in 9 years? $51,599.14 (plus or minus 10 dollars) $54,064.28 (plus or minus 10 dollars) $83,335.73 (plus or minus 10 dollars) $37,782.36 (plus or minus 10 dollars) none of the answers are within 10 dollars of the correct answer
Jose currently has $12,000.00 saved and plans to make quarterly savings contributions of $9,150.69. His first quarterly savings contribution is expected in 3 months. Jose expects to earn 18.04 percent per year. How many quarterly savings contributions of $9,150.69 does Jose need to make in order to have $138,300.00? O 6.65 payments O 10.48 payments O 10.13 payments O 6.12 payments O the answer cannot be obtained based on the given information
Cameron is saving for his retirement 22 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $97.00 at the end of every three months for the next 12 years. Interest is 10% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Cameron contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Enrique already knows that he will have $300,000 when he retires. If he sets up a payout annuity for 15 years in an account paying 4.55% interest, how much could the annuity provide each quarter?
Dean Gooch is planning for his retirement, so he is setting up a payout annuity with his bank. He wishes to receive a payout of $1,500 per month for twenty-five years. (a) How much money must he deposit if his money earns 7.3% interest compounded monthly? (Round your answer to the nearest cent.) (b) Find the total amount that Dean will receive from his payout annuity.
John already has $50,429 in his savings account. He plans to make contributions of $1,658.65 at the end of every six months, until he reaches $73,400. The interest rate is 2.13% compounded quarterly. a) In how many years and months will he reach his goal? Round up to the next month. P/Y = N = He will reach his goal in A year(s) and A month(s). b) After John reaches $73,400, he wants to withdraw $600 at the start of each month. For how many years and months can he make the withdrawals? Round up to the next month. P/Y = A N = A He will withdraw for A A/ year(s) and A/ month(s).
Jamal plans to retire in 17 years. He is saving $2000 every start of the month in a retirement savings account paying him a long-term interest of 9% compounded quarterly until retirement. The rate changes following the retirement. He wants $7000 per month paid to him at the start of the month for 20 years after the retirement. At what rate should his savings account pay him to fulfill his dream? (Use the Rate function in Excel) Select one: O A. 10.27% O B. 10% O C. 9% O D. 6.22% E. 6.34%
Troy is saving for his retirement 24 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $115.00 at the end of every three months for the next 11 years. Interest is 9% compounded quarterly. (a) How much money will be in his account on the date of his retirement? (b) How much will Troy contribute? (c) How much will be interest? (a) The future value will be $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Starling wants to retire with $2, 110,000 in his retirement account exactly 41 years from today. He will make annual deposits at the end of each year to fund his retirement account. If he can earn 9.73 percent per year, how much must he deposit each year? ** PLS EXPLAIN HOW TO SOLVE USING A FINANCIAL CALCULATOR

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